What is the process for filing bankruptcy?

Bankruptcy is the legal procedure that a person undergoes when he is unable to pay back his debts. It is a legal process that establishes that a person is no longer able to pay back his debts as promised. The result is that once the bankruptcy is discharged his creditors loose legal rights to try and recover the money or file a lawsuit in court regarding their claim. So, Bankruptcy is the best option to eventually help you get back on your feet.

Process for filing Bankruptcy

Bankruptcy lawyer NY, Mr. John M. Crane¹ tells-“Most people experience a great sense of guilt and fear about their need to file bankruptcy. They blame themselves. The reality is that if you’re experiencing financial problems, the cause goes way beyond you and your actions. You have a right to a fresh start in life. There is no shame if you have to file for bankruptcy. Consult a good bankruptcy attorney in New York to guide you to a fresh start in your life.” (Ref: John M. Crane, P.C, http://www.johncranebankruptcy.com/blog)

Filing bankruptcy starts with gathering information

 

First of all you should document all of your income for the past several months. This would include any tax refunds, dividends, paychecks, gifts, annuities, and interest. This is meant to help calculate the reasons why you are filing bankruptcy. Your amount of income will help to determine what chapter of bankruptcy that you can file for.

Gather a list of your possessions and assets

This will include any mortgages, cars, jewelry, valuable household goods, clothing, stocks or bonds, bank accounts, checking, savings, cash, CD's, retirement accounts, and anything else that might have value. This helps the state determine what can be saved and sold at auctions to help pay off your debt.

Get a list of your debts

 

Debts include credit cards, loans, settlements, house payments, etc.
After collecting all the above information you are ready to file a petition.

Hire an experienced Bankruptcy lawyer

 

Bankruptcy law is very complex to understand. But with the right kind of attorneys to represent you in court, it will not be tough or stressful. If you directly handle the case without having any legal knowledge, you could lose the assets you are trying to protect. So, it is always good to hire an experienced Bankruptcy lawyer for the successful completion of the job.

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1.John M. Crane, P.C.: John M. Crane, P.C. has been licensed since 1997 and is a member of the National Association of Consumer Bankruptcy Attorneys. John M. Crane, P.C. is a full-service law office with a practice focused on Foreclosure Defense and Consumer Bankruptcy. The offices of John M. Crane, P.C. are located at PortChester, Queens, White Plains and New York. For further information, contact John M. Crane, P.C. directly at (914) 481-3450. You can visit the website http://www.johncranebankruptcy.com/.