Contact a competent and well-respected bankruptcy attorney who will suggest various debt relief options. For a reliable attorney, you may approach your friends and acquaintances for recommendations. Gather all of your financial documents, including bank statements, overdue invoices, copies of mortgages, pay stubs, tax returns, etc.
Your bankruptcy paperwork, also known as a petition, must include an inventory of your outstanding debts. If you do not identify any creditors, the bankruptcy court may also dismiss your case. According to federal bankruptcy law, it is illegal to falsify documents. Discuss secured and unsecured debts with your attorney and complete the documentation in accordance with his instructions.
Describe your financial situation and all of your income from the past six months to your attorney. Your income over the past few months will determine which chapter of bankruptcy you should file under. Ensure that you do not conceal anything from your bankruptcy attorney; he will only make the process simpler.
Let the attorney determine the appropriate chapter for you based on the quantity of your debt. He may request that you file for liquidation bankruptcy (chapter 7) or Adjustment of Debts (chapter 13). Chapter 13 is more appropriate for you if you still earn a regular income but are in a financial mess due to your outstanding obligations.
After the bankruptcy petition has been properly reviewed by the attorney, sign the petition where he instructs you to. Together, you and your attorney can access your case electronically. Following the filing procedure, the bankruptcy court will notify your creditors and send them the Notice of Commencement. The first advantage of declaring bankruptcy is the Automatic Stay. You will be protected from creditor inquiries and relentless pursuit.""
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