If you are thinking about declaring personal bankruptcy, you may feel overwhelmed by the process. However, having a better understanding of what happens before, during, and after can help you prepare for what is to come.
As your Trustee in Bankruptcy, we can help you determine if personal bankruptcy is the right solution to help you deal with your debts. If we believe that bankruptcy is the best option, we will need some of your personal information, a list of your creditors, and a list of your assets from you in order to fill out the paperwork. Once we have this information, we will prepare the paperwork and ensure you are ready to proceed.
After you sign the paperwork we prepared, the personal bankruptcy process begins. At this point, your creditors are prohibited from contacting you in any form. During the process, you may be responsible for completing certain tasks. For example, you may be required to attend credit counseling sessions or fill out a monthly income statement.
For most people, the entire personal bankruptcy process only lasts for a few months. Once the process is over, your debts will be discharged. However, this does not mean that there are no consequences. Although you are given the opportunity to start over financially, a note will remain on your credit report that you filed bankruptcy for a certain number of years.
If you have any questions about personal bankruptcy or how you can effectively manage your finances once the filing process is over, contact us at Morgan & Partners Inc.