Filing for bankruptcy can be a strenuous process and should be carefully thought out. Page, Lobo, Costales and Preston would like to share the steps one goes through when filing for bankruptcy so you know what to expect.
- First and foremost you need to find a trusted and very experienced bankruptcy attorney. Please call our office, we would be happy to meet with you to discuss your options. In most cases it is dangerous not to hire an attorney when filing for bankruptcy. The law is tricky and merciless and things that seem unimportant to you can end up getting you in a lot of trouble.
- Paperwork, called petition and schedules, need to be prepared and there are over 40 pages that must be filled out in order to file for bankruptcy. Fill out the information perfectly or you may run into big problems down the road – yet another reason to hire an attorney!
- Accumulate any supporting documentation that needs to be submitted with the petition and schedules.
- Sign up for credit counseling classes. These need to be done with an approved credit counseling organization and should include an evaluation of your personal financial situation, a discussion of alternatives to bankruptcy and a personal budget plan. Once you complete the counseling, you will receive a certificate as proof you have completed the counseling.
- Next, you may file for bankruptcy. You then go to your bankruptcy hearing where you are examined by the bankruptcy official, called a trustee. If your case is not approved you must provide additional documentation and re-file some of your paperwork. If you have an attorney on your side, you more than likely will be approved the first time.
- Take the second part of your credit counseling and wait for your discharge. Your debt will now be totally and permanently eliminated. It is now time to work on building your credit back up.
Have questions about filing for bankruptcy? Please call us, Page, Lobo, Costales and Preston, at 951-461-2500.