Bankruptcy is a complex legal procedure and in today’s post we will be provided 8 tips to help you with the process. If you need more information, be sure to contact Fisher-Sandler, LLC – Fredericksburg, VA. Please keep in mind, the tips provided here are intended as a brief summary of the process only and therefore do not constitute any form of professional debt advice.
1) Having your personal finances assessed in detail by a professional bankruptcy attorney in Fredericksburg VA is the first stage in deciding if bankruptcy is the only option available
2) If you’re advised that bankruptcy is the best course of action then it’s up to you to make an informed decision based on the facts
3) Should you choose to proceed then a bankruptcy petition will be the first stage of the process. You can either raise this yourself if you want to declare yourself bankrupt or it may be raised against you by one of your outstanding unsecured creditors
4) The next step is a court hearing where a decision will be made as to whether the petition should go forward into being made a bankruptcy order
5) Once the court has granted your bankruptcy order, they will appoint an Official Receiver who will take control of your assets such as your home
6) You will then be required to submit a statement of affairs within 21 days from your bankruptcy order being approved. This is simply a list of all your assets together with income and expenditure
7) The Official Receiver may then have to call a meeting of your creditors depending on the statement of affairs you present to them. At this meeting a Trustee in Bankruptcy may be appointed if required. They will hold your property in trust for your creditors so that they can claim what they’re entitled to or a portion thereof
8) Your home and other valuable assets will then usually be sold off for the benefit of your creditors