Are you finding it difficult to pay off your outstanding debt and wondering what options you have? If yes, then the idea of filing for bankruptcy may have come in your mind. Well, bankruptcy lawyers in Pennsylvania is a legal procedure of eradicating your debt or finding an affordable plan so that the debtors can repay their dues and start afresh. There can be various reasons why you may need to file for bankruptcy. If you have recently lost your job or you need to pay for divorce proceedings, then you may find it difficult to pay for your debt.
4 STEPS TO FILE FOR PERSONAL BANKRUPTCY
Read on to know 4 steps you need to follow when filing personal bankruptcy.
- Obtain a copy of your credit report – You will have to get your copy of credit report from the three bureaus – Experian, Equifax and TransUnion. Make sure you check the report very carefully as different bureaus may have different information about your credit report. You will get free credit reports once in a year. In case you find there are any errors, get them rectified immediately and remove negative marks from the report. This will enable you to boost credit score. To know more, you may visit www.bolinskelaw.com
- List down the outstanding due you owe -You can make a list of all the outstanding debt you need to repay. Don’t forget to include all dues in the list which may not be there on the credit report. These are your rent, daily expenses, child support, medical bills, utility bills and others. This will help you in paying off the debt quickly and thus, improving your credit score.
- List down all the assets you have – You will have to list down all the assets you have and these are – interest on your house and land, several bank accounts, stocks, shares, bonds, electronic goods, jewelry, vehicles, etc. If you are filing Chapter 7 bankruptcy, you will have to give away all your valuable possessions when you owe debt. This will enable the creditors to make up for the losses you have incurred. However, in case of Chapter 13 bankruptcy, you will be provided with a suitable repayment plan whereby the outstanding dues will be cleared by you. In this type of bankruptcy, you do not have to part with your house.
- Get copies of last three income tax return – You need to get the copies of your last three month income tax return, recent pay stubs, savings and checking bank account statements. For this, you may have to request your present employer to provide with these required documents in case you do not have them. You will have to pay a certain amount of fee to the bank for obtaining these important documents.
Thus, when you decide to file for bankruptcy, it is advisable that you hire the services of a reputable attorney. Although you will have to pay him high fees for his services, he should be one who can understand your situation and will help you in overcoming debt.