The first step when you file for bankruptcy is to complete the bankruptcy petition. The petition includes multiple forms that need details of all your debts, assets, incomes, and expenses. Once you file a petition the creditors are stopped from taking any more money from you. A petition can be filed for either Chapter 7 or chapter 13 bankruptcy. Chapter 13 will help you clear your debts where you can keep some of your assets, while chapter 7 will allow you to quickly clear your debts by selling your assets. It is advisable to talk to a bankruptcy attorney before you file a petition. You can also contact Recovery Law Group from Dallas & Los Angeles, TX for the same. Contact – (888-297-6203).
When to file the petition?
You need to remember that filing for bankruptcy will have a negative impact on your credit score. Before your petition gets granted, you will need to attend counseling, which will help you not get into debt problems in the future. After the petition is filed, an automatic stay helps you a lot. So the sooner you file, the easier it is.
Do you need an attorney to file for Bankruptcy?
Though people usually hire an attorney to file for a bankruptcy petition, you don’t need one. Forms are available online and you need to follow the step-by-step guide. A bankruptcy attorney can help you fill the forms properly, and be a blessing to you.
Bankruptcy Petition Preparers or Bankruptcy Attorney?
Petition preparers may help you with all the documents. However, they are not as experienced with the legal process as an attorney is. They can make mistakes in the long run.
An attorney is more experienced, and will always be more invested in your case. Remember to fill in all details with precision when filling out the petition.