Bankruptcy is a long-time legal remedy whereby an applicant file petition in court to get relieved from his debts. It does not wipe out debts but allows the debtor a bit of space to plan out something.To declare insolvency, you have to present your documents and application of bankruptcy at the local court where you live.When you decide to file an insolvency, you must complete few steps which are required to be completed before it takes place.
Here are some steps to file bankruptcy in a right manner:
1. Firstly, choose a lawyer who has enough experience and is a professional to handle bankruptcy cases. Make sure to choose a person with whom you are comfortable working with.
2. Then, you need to decide which type of bankruptcy you need to declare. Take a suggestion from the lawyer and discuss all the matters with him properly. This will help you to take the right decision.
3. Prepare a file of documents that must contain all the paperwork. Attach copies of income and expenses, tax returns and financial statements with the file and submit it to the law office. Keep a copy of this file with you which can be required in future.
4. When you will submit the file, you are expected to pay the filing fee with it. So pay the amount filing on time and you're also required to pay fee to the lawyer at the same time.
5. The forms you will submit will be reviewed completely and you may be contacted for the further information, if required. In some cases, you may have to submit a repayment plan with rest of your paperwork to the courts.
6. You will get a call from lawyer's office to sign the required documents before it is filed with the court.
7. Then, a court date will be sent to you and you will be asked some questions by the trustee who will decide whether to file a liquidation or not. Meeting their requirements will lead to declare a bankruptcy against you otherwise creditors may take action against you.
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