A lot of questions arise when a person decides it is time to file for bankruptcy. Where to begin, do you need a lawyer, and what are the best ways to manage the costs? When understanding bankruptcy prep, it is important to find these answers before attempting to file. The more you know, the smoother the process becomes.
To begin, see if you qualify for Chapter 7 by taking a means test. This will show you if filing for bankruptcy is right for your specific financial situation. On this form, you will need to fill out your financial information, such as listing your assets and income, similar to doing your taxes.
The next step is to fill out the proper forms and paperwork. There are roughly 60 pages of forms that will need to be filled out, which include things such as the listing of debts, bills, and other financial burdens. When a lawyer helps you with this paperwork, secessions can begin at 1500 dollars due to the high volume of work that needs to be done to complete the process. It may be better for your financial situation to find a different method of filling, to save yourself from the financial burden of representation.
For additional information about bankruptcy prep, please review the attached video.