Sacramento Bankruptcy Attorney serving Citrus Heights and North Highlands goes over first three steps for completing a Chapter 7 or Chapter 13 bankruptcy plan

Do you like to make lists or have a step by step description of a process before you start a venture?  There are about ten essential steps which are typical in the completion of either a Chapter 7 or Chapter 13 bankruptcy.  Here are steps 1 through 3 and we’ll cover the rest of the steps in other posts.

Brief Summary of the First Three-Step s of the Bankruptcy process

Step 1: Education.  Need a few basics in order to compare a Chapter 7 with a  Chapter 13 bankruptcy?  You can find them by reading books, visiting websites or participating in online forums.  Then when you’re ready to talk to a professional in person, have a list of questions which can discuss about your unique circumstances.  Some of these questions can be answered by first contact with an attorney’s office staff.  They are there to help you with basic questions and to prepare you to get the most of your initial attorney consultation.

Bankruptcy is a complicated and ever changing area of law, so in making this important decision, you’ll want to consult with someone who has day to day contact with what’s going on in the bankruptcy practice in your jurisdiction.  To rely on limited research or false or incomplete information could delay or damage your case.

Step 2: Choose an Attorney.

Schedule a consultation with a bankruptcy attorney in your area.

• At the consultation, the attorney will gather necessary information regarding your income, household size, and your monthly expenses so they can get a good idea of what your budget looks like.
• The attorney will also ask you to provide details about any property or assets you own, like your house, cars, boat, stocks, life insurance policies, savings, or other investments.
• The attorney will also want to know a little of your financial history; whether you’re being sued, and whether you have owned any property in the past that you have recently sold or transferred.
• Your attorney will then advise an appropriate course of action. If your attorney feels bankruptcy is right for you, he will go over the options available under the Bankruptcy Code and help you determine what Chapter is a better fit for you. If you decide to hire the attorney to represent you, you will sign a retainer agreement which will detail the attorney feeds and your rights and responsibilities. Our law firm can be retained for as little as $100 and offer payment plans for the balance.

Step 3 —Attorney Fees Payment

• In a Chapter 7 bankruptcy, your attorney’s fees typically must be paid prior to the filing of your case; otherwise the attorney’s fees would be eliminated in the bankruptcy with all your other dischargeable debts.
• In a Chapter 13 bankruptcy, part of the attorney’s fees are typically included in your monthly repayment plan and aren’t required prior to filing your bankruptcy.

You will need to complete a Credit Counseling course which is mandatory under the new bankruptcy laws.  Finding an approved provider is easy through this official link.  And this course can be taken online if you prefer.  What you’ll learn is part of Step 1, Education,  and counts as an important step toward your goal of achieving financial freedom.

The advice of an experienced bankruptcy attorney can help you determine your options and action plan in light of your income, assets, and the nature of your debts.  This analysis will enable you to complete a Chapter 7 or Chapter 13 bankruptcy, the first step in achieving the debt relief you need to pursue your financial goals.

Please contact our Sacramento office at 916-313-9069 or via email at info@california-bankruptcyattorney.com