Are You Filing for Bankruptcy in Harrisonburg, VA? Find out How Now!
Things happen. In fact anything can happen – even drastic and tragic things. When it comes to bankruptcy, this possibility can also become a reality. It is important to remember that filing for bankruptcy can be a psychologically devastating event. However, the psychological strain that you would have to endure can be lessened if you have knowledge regarding its step-by-step procedure. This article is written exactly for this purpose. It is aimed at helping you know more about bankruptcy and how to go about engaging in the process in six straight to the point, quick and easy steps.
Step 1. Learn what bankruptcy is before taking any action. Sure, you know that if you undergo bankruptcy, you can repay some of your debts or get rid of some of your other debts. But do you know that there are two types of bankruptcy? Do you know that one of these types is called liquidation and that the other one is termed as reorganization? However way you approach this task of having to learn, one fact remains constant, i.e. knowledge regarding bankruptcy can help settle the questions that you have in your mind.
Step 2. Find out what the laws of Virginia say about bankruptcy in state. Although bankruptcy is generally covered by the federal government, it is not true that all states of America have the same perspective as well as stipulations regarding it. For instance, Virginia has exemptions laws that would protect specific property types from being taken away from owners who file for bankruptcy.
Step 3. Find out if it is the best option for you. Yes you have debts – that is a given. But is bankruptcy the only way out of your debts? Maybe there are other options that can serve you better. Maybe you can even do debt consolidation instead. Now, this step works hand in hand with step number 2 because you need to know what Virginia laws say about bankruptcy in order to make sure of certain things. One of these things involves protecting your properties in the midst of your financial crisis. Whether you are in Harrisonburg or in any other part of Virginia, the state laws would protect you and specific assets that you have. If you are receiving harassing phone calls about your debts, the law can also protect you.
Step 4. If you qualify for bankruptcy as well as how much you have to pay your debtors and how much you need to file for bankruptcy. In addition to the filing process, you are also required to engage in credit counselling beforehand. Normally, this can cost money but if your income is not enough, you can get credit counselling for free. Of course, your credit counsellor cannot advice you to file or to not file for bankruptcy. That decision remains yours.
Step 5. You have to have papers to show the court. You can do this yourself or you can hire professional help. Although the “selfie” method is slightly cheaper, going to your chosen bankruptcy attorney can help ease the process so that you have less to worry about. You do not have to worry too that professional help would mean high charges. If you do not trust yourself with regards to consulting the yellow pages because you think that for this particular concern, your opinion would be muddled by your emotions, you can always ask for a lawyer referral from the Virginia State Bar.
Step 6. Talk to your bankruptcy lawyer about having to go to court, swearing under oath, the length of time your specific case would take before you can be cleared off and other things that are essential in the process of bankruptcy. While it is true that you can always get ideas about these by going online and researching, there are details about bankruptcy that online websites can miss out.
Finally, do not feel as if you can talk to professionals only after steps 1 to 4. If at any point in time, you feel that you need to know more about bankruptcy and online resources seem not enough, consider consulting a lawyer. Fortunately, good bankruptcy attorneys in Harissonburg, VA abound. These attorneys can help you gain perspective and see that although bankruptcy seems negative, it can actually serve as a fresh start for your new debt-free life!