Friday, October 12, 2018

Important Steps You Should Take Before Filing For Bankruptcy Oakland

By Shirley Schmidt


Debt issues can quickly take a toll on just about every area of your life. In case you are already struggling to pay your bills and the nagging of creditors is literally making you go insane, then maybe it is time that you considered filing for bankruptcy. With this, you could benefit from solutions that can eliminate the financial burden, allowing you to recover from the debt problems. If you are interested in filing for bankruptcy Oakland is a good place to begin your research.

The need for you to prepare for the process ahead should not be underestimated. You want to consult with a proficient attorney who could help evaluate your situation and inform you whether you can truly benefit from debt relief through bankruptcy. Here are a few things you should do before you file your petition.

That said, the first thing you should do before you file a petition is to meet with an attorney for consultation. You want to benefit from all the legal guidance and advice you can get. With a reliable lawyer in your corner, you will be at lesser risk of getting your case dismissed over minor mistakes.

Bankruptcy issues are taken seriously by the courts. It is hence possible for a whole case to get dismissed over a very minor mistake. Your attorney can ensure that no mistakes are made, especially when filling in the required paperwork. The professional will also represent you in court and further boost your chances of enjoying a suitable outcome.

Another crucial thing to do is to assemble your financial documents. This includes your retirement account reports, income statements, investments, bank records and recent tax returns just to mention a few. You should also get statements that are allied to mortgages, credit cards and both personal and vehicle loans. You want your attorney to have a clear idea about your economic situation and it will be necessary to have documents that can stand as proof.

Before filing a petition, you will need to know about the bankruptcy options you can consider. Individuals can choose between Chapter 13 and 7. Chapter 7 involves the liquidation of assets to generate proceeds that can be used to settle debts. Chapter 13 on the other hand, involves creating a debt repayment plan.

Taking a means test will also be necessary before you file for bankruptcy. The test will help reveal your ability to repay your debts based on the amount of money you earn each month. The results generated can assist in pointing out your eligibility for Chapter 7.

Finally, you should attend credit counseling, through a state-approved program. The counselor you see will review your finances in detail and dispense invaluable guidance about the process and consequences of being declared bankrupt. Normally, you can enroll on a land based or online program. Once this is done, you can now work with your attorney to file a bankruptcy petition.




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