Chapter 7 bankruptcy is a valuable debt relief solution for many Americans in serious financial distress due to losing a job, having an injury, or being sued.
However, a good bankruptcy attorney is usually a great resource when considering filing a Chapter 7 petition. Unfortunately, many Kenosha residents that need a fresh start can’t afford the cost of hiring a lawyer.
Chapter 7 bankruptcy laws are complex and complicated, so a person in financial distress will probably need the services of a bankruptcy attorney. Although some people don’t think they need the assistance of a lawyer, most do.
Bankruptcy attorneys specialize in helping individuals and businesses become more financially stable and self-reliant. This service helps people get back into good financial standing after a difficult time and gives them the resources they need to avoid falling into bankruptcy again.
Bankruptcy is often considered the last resort for those who have suffered through a financial crisis or are about to file for bankruptcy.
Unfortunately, there are many cases in which bankruptcy may not be the best solution for a debtor. It is important to understand why a bankruptcy proceeding may be the answer and how to file bankruptcy in Kenosha, Wisconsin.
The first step in filing a petition is to provide a hardship letter that explains your current circumstances and why you believe you have fallen into a financial crisis.
It is important to provide your creditors with copies of all correspondence that may be related to your debt, such as payment statements, credit card bills, and canceled checks. It is also important to provide a complete listing of assets and debt in order to ensure your creditors understand what you will be selling to pay back your creditors.
The second step is to present proof to the court that you have met the requirements of the bankruptcy laws.
You will likely need to show proof of a bankruptcy discharge from the bankruptcy court if you are discharged due to a technicality, such as a technical error in the petition or a clerical error by the bankruptcy court.
It is important to keep copies of everything you send in. This evidence will help your lawyer to prove your bankruptcy and secure the right to use it as evidence for your bankruptcy court hearing.
The third step is to provide copies of your income tax returns, bank statements, bank accounts, and other proof of your income and assets to your bankruptcy court-appointed attorney.
This evidence can also prove that you are unable to pay back your debts. If you are not able to pay, your attorney will negotiate with your creditors to reduce your payments and make arrangements for you to pay them.
The fourth step is filing the bankruptcy process with the court. Your bankruptcy petition will be filed with your local circuit court.
If you are able to present proper proof that you are unable to pay, your case will be transferred to an “Office of the Circuit Court judge” or the state bankruptcy court where the bankruptcy is filed.
The fifth step of the process involves going to court and receiving your bankruptcy filing. You will appear in court along with your attorney and witnesses.
In most cases, this procedure is simple and can be completed in a short amount of time. If you are not represented by an attorney, the process can take anywhere from a few hours to several weeks.
The final and most important step of the process is submitting your petition to the court. In many cases, you will receive a notice of the petition, and then an order for bankruptcy will be issued within a few days.
Within ten days or less, the court will send you an official notice of the order. At this point, you should consult with your attorney about the options that are available to you.
Once you have followed these steps, you may wish to hire a bankruptcy attorney to review your documents and draft a bankruptcy petition and financial hardship letter.
Once the paperwork has been submitted and approved, you will receive a bankruptcy petition and the responsibility to respond to it.
Within a few months or less, you will have the chance to answer the bankruptcy court and receive an official bankruptcy discharge from the bankruptcy process.
You should seek the services of a good bankruptcy attorney or law firm when considering any type of filing.
This article is provided as general information only and should not be considered legal advice. For more information on your specific situation, it is best to consult with a bankruptcy attorney who is experienced in handling this type of case.