Many people don’t know a thing about declaring themselves bankrupt. Some even believe it to be a quick way of getting rid of their legal commitment to pay off their loans. However, you should know that declaring yourself bankrupt is a huge step that will change your life completely. All of your finances and assets will be reviewed and will be controlled by the State, and you will probably need to make fixed payments to certain creditors depending upon the repayment plan. Declaring bankruptcy in Port Orchard, WA is not a straightforward process. Here are some things that you should know about declaring yourself bankrupt.
Contact a Lawyer
The first thing that you need to do is to talk to a lawyer if you want to declare yourself bankrupt. There are lawyers who specialize in helping people declare bankruptcy, and you can visit a reputable law firm such as website.com to get an idea about your chances. The lawyer will be able to guide you through Chapter 11, Chapter 13, and Chapter 7 bankruptcies. After taking account of your financial condition and your outstanding debts, the lawyer will give you a clearer idea of what you need to do.
Filling Out Applications and the Hearing
Your lawyer will help you file all of the applications related to the declaration of bankruptcy. Once that is done, he will prepare you for a hearing in which a judge will decide whether you are declared bankrupt or not. Obviously, the court will have to ask a few questions about your case first and then confirm your status. The lawyer will also guide you through what will happen once you have been declared bankrupt, and what you need to do in the future.
