Bankruptcy is a way to get past debts that you cannot afford to pay yourself. Most people choose bankruptcy when they’ve tried to overcome the debt in other ways but haven’t had any luck. There are many important pieces of information that anyone who plans to file bankruptcy should know. Read below to learn a bit of that information that can make filing bankruptcy a little bit easier.
1- You Must Take Credit Counseling
Credit counseling is required by anyone who wants to file bankruptcy. This counseling helps teach you important information that can help keep you on the right financial path in the future. You must attend the counseling with a court-approved provide at your own costs. This is not optional and a judge will not hear the case if you’ve not completed this step.
2- Talk to a Lawyer
Do not attempt to file bankruptcy alone, even though you can certainly do so if you want. It is possible but an overwhelming step that you’d probably rather avoid. Instead, you should reach out to an experienced personal bankruptcy lawyer oklahoma city ok and get the help that you need.
3- Types of Bankruptcy
Did you know there are several types of bankruptcy available to help in the time of need? You can file a Chapter 7 bankruptcy or Chapter 13 bankruptcy. There are pros and cons to each type of bankruptcy, which a lawyer can help you understand and choose between. If you file Chapter 7 you may be free and clear of all debts that you owe.
4- Court Approved bankruptcy
You can file bankruptcy only once and it must be approved by a federal judge. You must provide copies of tax returns and other important information to the judge to file bankruptcy.