You wish to Resolve your Bankruptcy Now but aren’t sure how to go about doing so. There are numerous things you must be aware of before you take this step, as things have changed over the past decade. You have enough on your plate right now and don’t want any unexpected surprises. Following are the basics you need to know to Resolve your Bankruptcy Now so you can move forward with life.
First and foremost, you will be required to undergo credit counselling if you choose to file for bankruptcy. The 2005 Bankruptcy Act made it mandatory for anyone filing for bankruptcy on or after October 17, 2005 to obtain this help in the six months prior to filing. In addition, the individual must undergo a financial management instructional course after the bankruptcy has been filed.
The 2005 Bankruptcy Act also put into action a means test. You will be required to submit your income and expenses for analysis to determine which type of bankruptcy you need to file for. The court takes the average of your prior six months income and compares it with the median income for the state. If your income falls below the median, you have a choice as to which type of bankruptcy you would like to file for. If your income exceeds this amount, you will need to go through the rest of the means test to determine which filing is to be used.
You will be required to gather information, such as details on your current income and your tax returns for the past two years, as this documentation will be needed during the process. In addition, you must determine what your exemptions are. Maryland has its own guidelines for exemptions, rather than using the federal exemptions guidelines. Keep this in mind as you proceed. Once you have this information, you are ready to file.
A petition and other forms must be filed with the court to Resolve your Bankruptcy Now. An attorney should be used to help with this process to ensure there are no mistakes which result in delays. You can’t be too careful. Once the forms are filed, you must pay a fee. Speak to an attorney to learn more about this process. Bankruptcy can help you to a better financial future, but only if handled properly. An attorney will ensure this is the case.
