When it comes to starting over again in terms of your finances, personal bankruptcy may be one of the only remaining options. Although there are certainly other ways to repair your financial mishaps, bankruptcy is often cited as a quick way to stop the harassing calls from creditors, and it may be the best option for people that don't have much to lose in terms of assets. While the debtor may be required to use their available assets to pay back their creditors while in bankruptcy, most borrowers simply won't have much to give. Of course, filing for bankruptcy isn't as simple as filling out a couple of forms. Instead, the borrower must enroll in mandatory credit counseling, and they must also endure a significant blow to their credit score.
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In order to begin the bankruptcy process, the borrower is advised to seek the counsel of a qualified bankruptcy attorney who can help them through the process. The attorney will explain the process in detail and will even help them to fill out the bankruptcy claim forms. For those that don't know, these forms are meant to initiate the process with the courts. Another use for these forms is for creditors that seek to be repaid by the debtor. The debtor files a proof of claim form against the debtor with the court, and the court will later acknowledge this claim in routine proceedings. How do the creditors know that you've filed for bankruptcy? You are required to list all of your creditors prior to filing, and these creditors are in turn contacted and given the opportunity to submit a proof of claim.
Should any proof of claims be filed against you, it's up to you (and hopefully your attorney) to review them for completeness and accuracy. It's important to identify any claims that may be untrue or incorrect so that they can be overturned or dismissed. Although the courts will generally dismiss these claims for you, it's critical that you as the debtor stay on top of these matters, since they could impact your assets down the line.
Personal bankruptcy can be one of the most stressful moments in your life, and because the laws surrounding bankruptcy change frequently, it's important that you have the proper legal representation that can help you understand how these changes might impact you. For an extensive list of attorneys in your area, simply open up your favorite search engine and type in the appropriate search terms.
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