The first thing I would recommend is that you retain legal counsel. This will make the process significantly easier. The attorney will do all the legwork on your behalf. I was advised that you don't need a lawyer to file for bankruptcy, but the paperwork is tedious to fill out and the courthouse filing process is time-consuming.
Now you must determine which type of bankruptcy you will file. I will presume that this is a private matter. Chapter 7 or Chapter 11 are the most typical. Next, you will need to know who you owe money to. This can be accomplished by obtaining your credit report.
You must be aware of who and what you owe. These are the creditors you will effectively prevent from attempting to collect from you. Once a year, it can be conducted for gratis. If you employ an attorney, they will do it for you. They will request verification that these are the individuals you owe.
Then, there will be a single court date that you must attend. This is a judge certifying that all the information you submitted was accurate and that you are not lying.
Among the additional essential details:
Unsecured debt is the only debt that can be eliminated. This includes credit cards, store cards, and phone bills with no security features.
The collateral for secured debt would be the home. Your home serves as the collateral for your mortgage.
If you do not pay for your vehicle, they will seize it.
This does not alleviate taxes either. The government always obtains its funds. There is no true way to avoid this by filing for bankruptcy. This is how it operates. If Uncle Sam has a tax lien against your home or wages, it will not disappear until you pay up.
" - https://www.affordablecebu.com/
