Filing bankruptcy in Sacramento, or anywhere, is a process. Preparation, strategy and timing are often key elements in processing a bankruptcy filing. How, then, to begin?
For starters, find whether bankruptcy is your best option. Often when you owe more in debt than income you earn (for math lovers: debt>income), bankruptcy is a good bet. Evaluating your debt relief options is best initiated by consulting with a professional who can advise you.
If bankruptcy is a good fit, deciding on what type of bankruptcy to file is next. Typically individual consumers and couples file either a Chapter 7 bankruptcy or Chapter 13 bankruptcy. In a Chapter 7 bankruptcy you usually do not pay anything back to your creditors; in a Chapter 13 bankruptcy you do.
Once you decide your bankruptcy direction, plotting though the paperwork to process your bankruptcy is normally next. Your income, debt, types of debt, expenses and bankruptcy goals are all thrown into the mix in preparation of your case.
Signing your petition and accompanying paperwork is the last step before your bankruptcy case can be filed. This, understandably, is an overview of the overall process of beginning a bankruptcy filing. But it is a guide of the basic steps involved in filing for bankruptcy.