Wednesday, December 4, 2013

Tips for filing bankruptcy


http://filingbankruptcyhouston.com/Blog.html


Filing a bankruptcy is not easy and most of us do not have sufficient knowledge regarding how to file bankruptcy? There are a few things that all debtors should know before filing a bankruptcy. Every bankruptcy case has a judge assigned to it though they do not interact much with the debtors. According to the law, everything is looked upon by the trustee who is appointed for handling your case.

Of course, if there are any disputes, the judge can settle. No matter whether your case is a chapter 7 or chapter 13 bankruptcies, debtors are required to attend one meeting of creditors. The trustee is also present in this meeting and there is fixed places for holding these meetings. The government issues the debtors ID cards and the debtors need to prove their identity and social security number using this card or some other document. The chapter 7 debtors are asked to complete a questionnaire that has questions regarding their financial assets and other information relating to their finance.

The bankruptcy act protects you and allows you to make a fresh start free of debt or some other repayment plan that suits you. Your ultimate goal is no doubt bankruptcy discharge as that would release you from your debts and stops your creditors from taking any action for collection of their debts.

In case of chapter 7 bankruptcies, you get a discharge about three and half months after you file your case and in case of chapter 13, you get discharge after a month or two after you complete your repayments. Some debts do not get discharge land that is why you should consult a good lawyer before filing your bankruptcy form.

Since the trustee has the right to auction your properties to pay your debts, it is important to hire a good attorney to protect your family’s assets.

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