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Bankruptcy Law Center: How To File For Bankruptcy?

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Bankruptcy Attorneys in Orlando, FL

Once you have decided which of the bankruptcy chapter best fits your financial needs and long-term goals, you can file the required documents with the Bankruptcy Law Center. 

After you officially file your bankruptcy petition with the court, all creditors will be notified, and you will enter an automatic waiting period. The creditors cannot contact you about paying your debts, and instead, all discussions about the existing debts will be through the court.

 

What is bankruptcy filing? 

 

Filing for bankruptcy is a serious decision for most people. If you decide that this is the best way to go, a specialized bankruptcy attorney in Orlando, FL, can help you develop your case and will accompany you to the bankruptcy court for a successful process.

 

Sometimes filing for bankruptcy is unavoidable. If you have already decided to go ahead with the process, you understand its consequences and are sure that it is the best for your future.

In light of that, here are some tips for starting your bankruptcy filing, methods, Bankruptcy Law Center, and explanations on how to face bankruptcy. 

 

Consider filing for bankruptcy with bankruptcy attorneys in Orlando, FL. 

 

It is advisable to seek an experienced bankruptcy attorney before formally applying. There is no rule to retain an attorney's services to file for personal bankruptcy, but if you are unfamiliar with bankruptcy laws, you would be at a disadvantage. Seeking an attorney will help you achieve more favorable results than doing it yourself.

 

A Bankruptcy Law Center can also guide you on dealing with the types of debts in case of a foreclosure or with credit cards and medical bills.

 

·         Meeting with creditors

 

The next step is notification through your bankruptcy attorneys in Orlando, FL, or by meeting with your creditors. Usually, the debts and assets listed in your bankruptcy proceedings are reviewed there to make sure all your statements were honest. The trustee conducting the meeting will also certify that you understand your bankruptcy petition's details and consequences. For example, you should consider that some debts cannot be negotiated, such as student loans, alimony, and child support.

 

·         Develop payment and financial plan

 

Then you will need to develop a plan to settle your debts. If it is a Chapter 7 bankruptcy, the trustee will determine nonexempt assets to satisfy your debts and review the sale and distribution of funds from those assets. If the application to file for bankruptcy is treated as a Chapter 13 case, then a payment plan to cover your debts will take place that will last 3 to 5 years.

If a lawsuit is filed, your bankruptcy attorney will work to finalize an agreement with the creditor who filed it.

 

·         Decide whether to file for bankruptcy.

 

When you are ready to begin bankruptcy proceedings, you will need to decide under which procedure you will file for bankruptcy in consultation with your attorney. This decision depends on your financial situation. 

 

·         Consult with a credit expert when filing for bankruptcy

 

It is important to seek credit counseling with an entity before filing for bankruptcy. Call our Bankruptcy Law Center today!

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