Bankruptcy Bliss

When it comes time for you to consider filing bankruptcy, you need to seek out the advice and guidence of trained credit counselors. It does not matter if you choose one that you pay or that is non profit. Be sure the counselor you do pick is recognized by the Bankruptcy Courts and is able to meet their requirements so you are not waisting precious time. Find an attorney and someone to help you with the paperwork and many filings required to finalize a bankruptcy proceedure. In the long run going with a less expensive firm may cost you time and money in the final agreements with your creditors. Make your decision carefully.

An Inside View of Bankruptcy services

If your financial situation is very precarious and you are considering filing for bankruptcy, you’ll want to know what bankruptcy services are available to you. Your options include Credit Counseling Service, Law Firm and a full service firm specializing in Bankruptcy Services.You should first seek out a Credit Counseling Service to work with you to analyze and review your alternatives. You’ll want to consider debt consolidation, refinancing or if you are “judgment proof” (too few assets for your creditors to sue you).

There are both non profit and pay Credit Counseling Services. There is no empirical evidence suggesting the paid services are superior to the government sponsored non profit services. Individuals considering bankruptcy do not need any additional expenses, so I would usually suggest using the non profit Credit Counseling Service. One of the mandatory conditions of bankruptcy filing is seeking help from a court approved Credit Counseling Service. Make sure the service you choose is approved (you can get a list of approved services in your district from the Bankruptcy Courts Administrator) in case the decision is to proceed with a bankruptcy petition.

If the decision is to proceed with bankruptcy, you will need to hire experts to help you navigate the bankruptcy process. I would suggest hiring an attorney and a full service firms will provide pre-filing counseling, pre-discharge education, services through the proceeding, and post-filing counseling. This should reduce the amount of work your lawyer does and reduce your total bill.

The pre-filing services are extremely important to you. By this point, you should have met with an approved Credit Counseling Service. Important issues to work on include stopping foreclosures, credit repair, debt reduction and budgeting or money management programs. If you own a business, you’ll need to decide between restructuring and continuing the business or liquidating the assets.

The next decision to be made is whether to file for bankruptcy under Chapter 7 or Chapter 13. In limited cases, you could qualify under Chapter 12 if you meet the requirements for a Family Fishing or Family farming business. The eligible requirements for Chapter 7 are very strict, and your Bankruptcy Service Company will tell you whether you qualify and also outline the advantages and disadvantages vs. Chapter 13.

There is a ton of paperwork associated with filing bankruptcy and the service needs to help you fill out all the court required documents correctly. The service will also help you tracking and managing the claims process, all notices and communications and disbursements.

The service should also help you development your repayment plan. Your Bankruptcy Service should attend the Meeting with Creditors and work on a compromise plan if necessary.

The service should also help you with your post bankruptcy life. You need to develop a livable budget, determine which assets you will be allowed to retain and ensure a steady stream of income throughout the bankruptcy process.

Try to find a bankruptcy Service firm you are comfortable with and will hard for you. Saving a few dollars with a cheaper firm, might cost you more money in the long run.