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Seven Steps on How to File for Bankruptcy (Page 1 of 2)
In the 21st century, many men and women find themselves struggling to keep their heads above water financially. With ever mounting debt, these people oftentimes need to seek relief by filing for bankruptcy. Perhaps you are such a person who is fighting to make ends meet. As a result, you may be wondering how to file for bankruptcy.
The first step in learning how to file for bankruptcy is to make a comprehensive list of all of your creditors and outstanding debts. When you are working to determine how to file for bankruptcy, you need to appreciate that if you to proceed with a bankruptcy case, you must be sure that all of your debts are disclosed and listed in a bankruptcy petition.
The next step in filing for bankruptcy is to determine exactly what assets you have available to you. Your assets include your recurring income from your job, your home and major items of personal property that you might own (including such items as motor vehicles).
The third step you need to undertake when it comes to seeking bankruptcy relief is to contact all three major credit bureaus. When all is said and done, the three major credit bureaus may have the best record of all of your outstanding debt. By obtaining your credit reports from the three major credit bureaus, you will be able to cross reference your list of debt to make certain that you have all accounts covered and listed.
The forth factor that needs to be considered on the road to filing for bankruptcy, is to determine whether you will seek professional assistance in the pursuit of a bankruptcy case. Some people do elect to file for bankruptcy on their own without the aid and assistance of a lawyer. However, in most instances, it probably is in your best interest to seek the professional assistance of a lawyer in order to properly pursue a bankruptcy case. Therefore, unless you have a very simple bankruptcy on the horizon and unless you actually have some definite, practical legal experience, you should seek out the assistance of a lawyer to aid you in pursuing your case.
In working towards fully understanding how to file for bankruptcy, if you do make the decision to hire a lawyer, you will need to begin an organized search to find the best attorney to meet your needs. Keep in mind that in this day and age there are lawyers that specialize specifically in the area of consumer bankruptcies. As a result, you most likely will want to narrow your search to those specific attorneys who do have experience in dealing with bankruptcy cases. In the long run, you will be best served by engaging the services of a lawyer who has dedicated his or her career to bankruptcy law.
Once you narrow down the list of attorneys you are considering, the next phase in considering bankruptcy is to obtain references in regard to each of these attorneysÂ’ prior performance. References will provide you with specific information on how a particular lawyer handles his or her business and on how successful he or she has been in the pursuit of prior bankruptcy cases. Your local bar association can provide you with the names of lawyers that specialize in the practice of bankruptcy law.
Getting Your First Home Loan
If this is your first time buying a home, the process to get your first home loan to buy this property, can seem complicated. Your home loan specialist will help you search through all the different types of loans available so you can find the one the best fits your needs. They will also explain all the paperwork that is involved, let you know what kind of documents you will need to provide. Things like W2’s and pay stubs to show your employment, your id, Birth certificate to show citizenship. Your first home loan specialist will run a credit report to see your past credit history. Order an appraisal on the home you want to buy, this will show the lender that the property is worth the amount you are looking to borrow. Arrange for a Title company to do a search and make sure there are no unknown debts against the home. You will also need to get home owners insurance before you close the deal.Interest, fees, guidelines and requirements on loans change frequently, so you need a professional who is both knowledgeable and update on the industry. Buying home is a major one of the major decisions we make in life. Like marriage and having children, buying a home is a long term commitment. There are many rewards that come with owning your own home. After you receive your first home loan, you will have an education in the whole home buying process so if you decide to buy another home in the future you will know what to expect. At the closing you will sign all the paperwork and get the keys. Then comes the moving truck, unpacking and settling in. No worry it will take some time to get things put away and arranged the way you want that’s the fun part.It is important to keep all of your home buying and loan papers safe and handy, in case you need to refer to them at a later date. Yes you have learned a lot of new things, and meet some new people and you are now part of the American Dream of owning your own home with your first home loan.