What you must Know before Filing for Bankruptcy

Wed, 28 Jul 2010

Filing bankruptcy is not a joke and perhaps one of the biggest decisions of the life for many of us. But when there is no other option is left and you have no choice then you can’t help. It’s vital that before going for bankruptcy you should know some fundamentals about the bankruptcy law so that you can get ready mentally and emotionally. Most common form of bankruptcy is Chapter 7 also called liquidation where a court appoints a trustee to oversee the proceedings and sells off your non exempted assets to pay your creditors.
When you finally make up your mind to go for bankruptcy you need a good bankruptcy lawyer to help you through the process. Though as per law the lawyer is not a must but it’s always good to have someone by your side that has sufficient experience and expertise in the bankruptcy related issues.

For filing bankruptcy you need to pay a court fee like administrative charges, case filing fee etc. There is a facility to pay this fee in maximum four installments. Once your lawyer files the petition under Chapter 7 an automatic stay is granted to you which block all calls by collection agencies, legal proceedings, wage garnishments, or foreclosures against you. The co-operation with bankruptcy trustee is very important and you must provide all the documents and other information requested by him.

If all goes well and no one raises any objection against the discharge, a discharge order is issued by the court freeing you from all your debts. Law Office of Michael Levitis is famous law firm that help people in filing bankruptcy. They have huge experience in handling cases related to bankruptcy and are one of the most sought after law firms when it comes to filing bankruptcy under Chapter 7. They can be an ideal choice if you are thinking of going for bankruptcy. The lawyers at Law Office of Michael Levitis are renowned for their understanding and expertise in bankruptcy law and can advice the right course of action for complete removal of debt.

For more information on Law Office of Michael Levitis you can visit their website www.levitislaw.com.

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