A Bankruptcy Lawyer’s Blog

Filing For Bankruptcy – The First Steps

If you are considering filing for bankruptcy, here is some basic information about taking the first steps and finding a lawyer.

First, be absolutely certain there is no other option open to you, since bankruptcies remain on credit files for up to ten years. You are, in fact, required to meet with a credit counselor to ascertain that there are no alternatives to filing for bankruptcy. The good news is that your credit is likely already not in an ideal condition, and bankruptcy is a way to start over fresh.

While some people choose to file without a lawyer, it is very helpful to have some professional guidance. If you are in Utah, for example, do your research and find a Utah bankruptcy attorney with whom you can have direct contact. As part of your research, find out how much the fees for filing will cost. The cost for some lawyers is based on the amount of debt you have, while others charge a flat fee. The best option is the flat fee, averaging just under $2,000. You may be required to pay all the money up front or just a deposit.

Once you have decided on a lawyer, meet with him or her to discuss your case. There are two common types of bankruptcy—chapter 7, a straight or liquidation bankruptcy, and chapter 13, a repayment plan. Your lawyer will help you determine whether you should file for chapter 7 or chapter 13 and can help you complete the BAPCPA’s means test. Because of the means test, most individuals are now required to file a chapter 13 case.

Bankruptcy Attorney, Salt Lake City (http://www.jmmlegal.com/) if you are having trouble keeping up with your monthly bills, there is no shame in asking for help. you need href=”http://www.jmmlegal.com/”>Utah bankruptcy attorney. Ryan Coisson is a freelance writer.