The Bankruptcy Process

How Bankruptcy Works

The first step in the bankruptcy process is determining whether or not this legal option is the best solution for your debt problems. Once you have decided to file for bankruptcy, there are numerous procedures that must be followed before your debts are discharged. An experienced Cerritos bankruptcy attorney can help you understand how bankruptcy works, and provide valuable assistance in filing a petition for Chapter 7 or Chapter 13. A knowledgeable lawyer will also skillfully represent you in court.

Before submitting your petition, it will also be necessary for you to take a credit counseling class from a federally approved organization. These classes are usually conducted by phone or on the internet and last one to two hours. After your credit counseling session is completed, your petition can be filed. A Trustee will be appointed to review your petition, as well as attend your hearing. During your court appearance, you may be asked additional questions regarding your financial situation which your attorney can help address. Before discharging your debt, the court will also require you to complete a financial management class.

Cerritos Bankruptcy Attorney

Your bankruptcy petition contains a variety of information the court requires to evaluate your finances and bankruptcy qualifications.

Attorney Ray Bulaon can assist you in compiling all of the financial data needed for this document, such as:

• A detailed list of your assets and debts
• Income tax data
• Bank statements
• Current income sources and the amount of money you are receiving
• Copies of mortgages, deeds and titles

When filing for bankruptcy, getting competent legal counsel and direction from a skilled lawyer will help prevent mistakes that can result in your petition being declined.