When the need to declare bankruptcy arises, the first thing you should do is hire a competent attorney. The attorney is responsible for advising you on the best course of action and educating you on the bankruptcy that best fits your circumstances. He will also negotiate a favorable rate for your file and manage the proceedings.
After selecting the appropriate case file, you must acquire sufficient funds to pay your attorney and the court fees. This could be somewhat costly; therefore, you should be absolutely certain that the claim is necessary. It is important to keep in mind that the case could turn against you, particularly if the court believes that you can reasonably pay your debts based on your income. You and your attorney should then compile a list of your assets and liabilities. If you own a business, you will be required to identify all of your business interests before submitting your paperwork to the court.
The petition is then submitted to the bankruptcy court, and the court's ruling is awaited. The waiting period varies by location, with some requiring up to six weeks, so you should be prepared. When you file for bankruptcy, your creditors will not be able to collect their debts from you until the court determines the next course of action. This is an excellent method for reestablishing your financial stability.
Even though filing for bankruptcy could harm your credit score, it is preferable to dealing with embarrassing letters, phone calls, lawsuits, and harassing phone calls from your creditors. It enables creditors to start over by repaying what they can afford when they can afford it.""
" - https://www.affordablecebu.com/