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When faced with an overwhelming amount of debt, declaring bankruptcy might be the solution you need to restore your peace of mind and regain your financial footing. However, before moving in this direction, it’s important to learn what you can expect from the filing process. The bankruptcy law attorney at Gilbert P. Kaback, Attorney at Law, in Colchester, CT, has helped successfully guide numerous clients through bankruptcy proceedings, ensuring their interests are protected at each stage. Below, he gives a general overview of the steps involved in achieving debt relief.

How to File for Bankruptcy

1. Hire a Bankruptcy Law Attorney

The first step to petitioning for bankruptcy should be hiring an attorney who specializes in this area of practice. Even though you’re not required to have legal representation to file, this can make all the difference in whether or not your case gets dismissed. They will make sure your paperwork is error-free and accurately presents your financial difficulties to the court.

2. Attend Credit Counseling

Bankruptcy law requires anyone who files to complete a credit counseling program with a state-approved agency. This must be done within 180 days before filing. In addition, you will need to attend a post-bankruptcy course before the elimination of your debts can be finalized.

3. Choose Which Type of Bankruptcy to File

bankruptcy lawThere are two types of bankruptcies individuals can file—Chapter 7 or 13. It’s crucial that you consult with your attorney to find out what each option entails before making a decision. They will review your situation carefully to determine what you’re eligible for and which will best suit your objective.

4. Complete Paperwork

Once you’ve decided on which type of bankruptcy to file, you will need to correctly complete your petition and file it with all the necessary supporting documentation. You will likely be required to submit an inventory of your assets, debts, income, and expenses, as well as copies of your tax returns.

5. Meet With Creditors

The final step involves meeting with your creditors and an appointed trustee. Anyone you’re in debt with will be notified of your petition for bankruptcy, and a meeting will be scheduled where you are placed under oath and required to answer questions about your finances. Though they’re given the opportunity to confront you, it’s common for most creditors to not attend this meeting.    

Although these are the basic steps for filing bankruptcy, every financial situation is unique, and the process can vary based on the specific circumstances surrounding your case. When you need a bankruptcy attorney you can entrust to provide you with sound legal advice and effective representation, don’t hesitate to contact Gilbert P. Kaback, Attorney at Law. His knowledge and experience in bankruptcy law will help make your financial goals much more attainable. Call his office at (860) 537-0874 today to schedule a consultation, or visit him online for information on how he can help you. 

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