Coming to the decision to file for bankruptcy is never easy for anyone. It normally is caused by a life changing occurrence in your life such as job loss or high medical bills. You try to keep up with the monthly expenses but keep getting deeper in debt and unable to make the monthly bills and debt payments. There is relief in sight though when you contact an Attorney that specializes in Bankruptcy in Reading, PA.
The first step is to speak to the lawyer, they will need to gather information from you to decide which option is best for you. If you are filing for Chapter 7 it allows you to wipe the slate clean and start over fresh. While you must meet certain guidelines to file for this type, it will stop the calls to your home with threats of foreclosure and garnishing of wages. Most all of your debts can be discharged through this type of bankruptcy except for child support and student loans. You may even be able to keep your home or vehicle by reaffirming that you are able to continue to pay for these items.
Once you have met with the Attorney you will be able to move forward in the filing process. They will need information from you such as income for all people on the application, monthly living expenses, debts and property that you own. This will be a list of all assets that you own including the furniture, appliances, and jewelry you may have in your home. They will also need to know any bank accounts, savings accounts, or loans you may have. All of this information together will be used when filing your bankruptcy petition.
Sometime during this process you will have to attend online debt counseling courses to assist you in the future. These courses show you how to budget and save for your future financial well being. Once your petition has been filed it stops creditors from contacting you directly to collect a debt, all creditors will be contacting letting them know what has happened. You will then receive a notice in the mail with a court date to meet with a trustee that has been assigned to your case. Approximately 2-3 months after this hearing your case will be discharged. At that time you will be able to move forward towards a more secure financial future.
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