Even though you might try to do everything in your power to stay out of debt, things happen that are out of your control. Job loss, illness, and injuries can all leave you behind on your bills and looking into bankruptcy. If you are interested in learning more about bankruptcy, James T. Kratovil Law Offices, PLLC in Charles Town, WV, can help.

Understanding the Bankruptcy Process

To file for bankruptcy, you have to meet certain criteria. Before meeting with the attorney, you need to gather all your bills, proof of income, tax returns for two years, and lien information for vehicles, boats, houses, or land. A bankruptcy lawyer will take a look at your information and determine if you pass the means test and which type of bankruptcy is right for your specific situation.

With a Chapter 7 bankruptcy, you can eliminate the majority of your debt and start fresh while still being able to retain your assets. A Chapter 13 bankruptcy is for those who don’t meet the requirements for a Chapter 7, but still need a way to reduce their debt load. Your attorney will negotiate a payment plan to pay off your creditors over the next few years and allow you to slowly get out of debt.

During the process, expect to attend a 341 meeting in front of the bankruptcy trustee and complete credit counseling sessions during your case. The attorney will walk you through the timelines for when everything needs to be done to prevent any delays in granting your discharge of debts. Depending on the circumstances, you could be done with your case in just three months.

When you have a licensed bankruptcy attorney working with you on your case, it can simplify the process and get you the results you desire. Visit James T. Kratovil Law Offices, PLLC online for more information or call (304) 728-7718 today.