What Are The Steps Of Filing For Bankruptcy?
One of the most common questions we would get at our law firm is, "What are the steps of filing for Bankruptcy?" It's a complex procedure, so we've broken it down into its basic parts. What you'll need are all of your personal information (full name, SSN, DOB, address); all of your debts, all of your assets, all of your income and all of your liabilities. You need to be able to convey this information in writing to the Bankruptcy Court using their forms. If you don’t use their official forms, your case will be dismissed (which means thrown out of court).
Bankruptcy is a legal procedure that people use when they are unable to repay their debts. They may have a hard time dealing with their creditors and the constant stress of knowing they cannot pay off their debts. There are four main types of bankruptcy: Chapter 7, Chapter 13, Chapter 12, and Chapter 11. Each type of bankruptcy has its own requirements. Here is an overview of the steps involved in filing for bankruptcy:
1. Compile your Documents
2. Know your Filing Options
3. File your Bankruptcy Petition
4. Determine your Debts
Bankruptcy is the legal procedure by which an individual or business that is unable to pay their debts at present can have those debts discharged (legally written off). While bankruptcy can be a scary prospect, there are both advantages and disadvantages to it. You can get the forms from the bankruptcy court’s website and they have free videos you can watch here:
Filing for bankruptcy is a little like buying a house—it's a huge, complicated process that takes time, money, and energy to finish, but once you're done, you know it was worth all the effort.
If you want to speak with a Utah Bankruptcy Attorney for a free consultation, contact this firm:
Ascent Law LLC
8833 S Redwood Rd Suite C
West Jordan UT 84088
(801) 676–5506
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