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What Steps Must You Take Before Filing Bankruptcy?
Successfully completing a bankruptcy proceeding can be a difficult process. However, there is a good deal of work you must do before you can file for bankruptcy.
First, you are required to complete a “means test.” This is a complicated calculation that determines your ability to pay your creditors. It also compares your financial status to the average person in your area. If you pass this means test, you are allowed to file a Chapter 7 claim in Bankruptcy court – otherwise, you can only file a Chapter 13 bankruptcy claim.
The next step involves undergoing credit counseling. Bankruptcy law requires that you complete this counseling before going through the bankruptcy process.
Finally, you can file for bankruptcy. In addition to filing, you must submit a bundle of paperwork with the Bankruptcy court. This paperwork includes information about your income, debts, assets, and personal information.
Since these requirements are so complex, it is highly recommended that you hire an attorney before starting bankruptcy proceedings. A qualified bankruptcy attorney will help make certain that you do not miss any crucial requirements that can get your case dismissed.
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