First, we talked about what bankruptcy is. Bankruptcy is a debt solution that cleans your financial situation by removing the debts that constantly drag it down. Thus, personal bankruptcy gives you back the joy of living because it invigorates your financial status by allowing you to release the debts, which pull you into over-indebtedness, out of the path that leads you to a fulfilling life with finances strutting in the green.
For many reasons, many Americans think bankruptcy is the perfect solution to their financial woes.
Sometimes, they can’t keep up with their bills. As a result, they use what little credit they must try to cover the costs of their essential needs. They may have been fired and do not have emergency funds, or they have used up their emergency funds. It could also be that heavy medical bills are responsible for this situation.
In short, the factors of over-indebtedness abound around us. Unfortunately, we are not always fully responsible for our over-indebtedness. Whatever your reason for choosing bankruptcy, the end goal is to wipe out the debts that make your life taste bitter. Bankruptcy can seem complex, but it is straightforward once you understand the process.
A First Free Meeting with a Licensed Insolvency Trustee
Contact and schedule an appointment with an advisor from a personal bankrupt group. These firms bring together Licensed Insolvency Trustees committed to bringing joy back into people’s lives by helping them eliminate the heavy burden of debt. Every state’s process can differ, so speaking with a professional in your area is wise.
At these firms, you have the choice between the following three channels for this first free meeting:
- By video call
- By telephone
- Face-to-face in one of our service centers
Approval and Filing Meeting of Your File at the Federal Bankruptcy Court
If you choose to solve your debt problem with bankruptcy, we help you take a complete balance sheet.
This report includes the following information:
- Your personal information
- Inventory of your assets
- The complete list of your creditors
Once we have gathered the necessary information, we will review the accuracy of that information with you. If everything is ready to go, you put your signature, and we file your documents with the Federal Bankruptcy Court. Regarding your signature, you can do this electronically if traveling to a service center is impossible.
You are officially bankrupt, so you can rest easy with the relief you will feel having taken charge of the situation. From then on, you will now have access to the following:
- Immediate suspension of payments to your unsecured creditors
- The suspension of wage garnishments to which you are subject
- Stopping civil and commercial lawsuits brought by your creditors against you
Transfer Your Property
Once your bankruptcy starts, you hand over some of your property to us. Keep in mind that these are assets that you can seize in bankruptcy. Indeed, you do have untouchable assets because the writings of the Bankruptcy and Insolvency Act protect them. Then, we get down to obtaining the maximum possible revenue by liquidating the goods you gave us. We place these revenues in trust to distribute them fairly among your creditors.
Beyond the receipts from the liquidation, you may be required to make monthly payments to your trustee. It is necessary and imperative to share your payments between your various creditors. A sharing must be fair and proportional to the debts you owe them.
Interrogation of the BSF in Some Instances
Under certain conditions, you might have to be examined by an officer of the Federal Bankruptcy Court. The objective sought in this interrogation is to explicitly understand your behavior in terms of expenses and your moral quality as a bankrupt. It is a matter of the Federal Bankruptcy Court to clearly understand the causes of your over-indebtedness and assess your good character.
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