If you have reached the point where it looks like the only way out of your financial situation is to declare bankruptcy, you are probably extremely worries, nervous and anxious. At this time you are no doubt fending off bill collectors and at the same time trying to think through the confusion and complexities that you will have to soon face. However, with help from a bankruptcy attorney in Woodland Hills, you will better understand bankruptcy and how you can walk into a debt free life.
* Bankruptcy court is not a small claims court where you walk in encumbered and walk out debt free, it is not. The most common form of bankruptcy is Chapter 7, if all goes well this is about a four month process. Chapter 13 can take significantly longer as a debt repayment schedule must be drawn up and agreed. You have to be prepared for a hard four months but at the end you can look at a fresh start to your life.
* There are many people who are uncomfortable talking about the fiancées with anyone, even their closest friends and family. When you file for bankruptcy your entire financial life, including all the mistakes you made is open for public scrutiny. You will have to attend a meeting with your creditors, this meeting takes place in public and you will be expected to answer what can be, very probing questions; the entire process can be quite embarrassing.
* It is of paramount important that all your assets and all your debts be declared to the court, in the eyes of the court; if you are not honest then you will not be granted your wish of debt relief. If you are found to be dishonest you will lose your bankruptcy petition but you may find the FBI investigating you.
* The forms that are required to be completed can be very complex and they require a great deal of attention. When you have hired a bankruptcy attorney in Woodland Hills to help you through the process it will be far less stressful. These forms are riddled with trick questions about your financial affairs, these forms must be fully understood before any attempt at completing them is made.
The court is not obliged to make your declaration of bankruptcy easy but it is obliged to eventually release you from the burden of your debt if you are 100 percent open and honest.
