By discipline we are trying to emphasize on the facts that are required to be taken into consideration before the stage of bankruptcy is reached. The problem of debts have been troubling the citizens of America for quite some time now, and though many have tried to balance their financial situation to their level best, with the help of debt consolidation companies and other debt relief programs, others have simply given up on their battle with the financial hardships and decided to walk on the path of bankruptcy. But even that has to be done in the most logical and efficient manner. Consumers with insurmountable debts may think that bankruptcy is their only option, but the bankruptcy experts and the credit counselor advice on getting the necessary guidelines. According to the American Bankruptcy Institute, bankruptcy may be an appropriate option for people:
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• Who have got their wages garnished and sealed their bank accounts after judgments.
• The majority of debts are unsecured such as credit card debts or medical bills.
• Who are being harassed by the debt collectors.
• Those against whom lawsuits have already been filed.
Let us at first consider the steps which need to be followed diligently till the stage of bankruptcy:
The first step is to get hold of a credit report as all the citizens are entitled to get a copy of their credit report annually. Individuals should make a thorough check of their report to ensure that all information is accurate and more so to be sure that all creditors are included in the filing, because some people often make the mistake of presuming that since the debt collectors have not contacted them for long their debts may exist no more, but if all the creditors are not included in the bankruptcy filing you may run the risk of being in debts even after going through the entire process.
There are several credit counseling agencies which receive fund support from the creditors and may suggest about debt management plans which reduce the interest rates but not the principal amount, so you need to choose the credit counselor with care.
It is required under the bankruptcy law to inform all the creditors and the debt collectors that you have finally come to the point of filing bankruptcy.
A major pre-filing requirement of bankruptcy is to obtain a certificate which states that you should have undergone the process of credit counseling through a government approved agency.
The last thing you need to consider is hiring a bankruptcy attorney, for the laws are too complex and the procedure is difficult enough to understand, so it lies in the best interest of the debtor to take assistance from an attorney.
Bankruptcy is a long and painstaking procedure, but if you have decided to file for one, you must take immediate action to go ahead before you lose your precious assets.
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