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When you have explored all other options and find yourself in dire financial straits, bankruptcy might be your only way out. To make a fresh new start, you should understand that the process is complicated and be willing to go through the necessary steps. A bankruptcy lawyer Jacksonville FL can help you navigate the steps. Here are some things to know about the bankruptcy process.

Credit Counseling

When you’re considering bankruptcy, you will be required to sit down with a credit counselor. A credit counselor will assess your complete situation and give you tips on managing your debt and creating a budget you can stick to. You will also need to talk about your credit standing how bankruptcy will impact your financial landscape. Additionally, the counselor can help you begin your bankruptcy petition.

Filing

You will need to gather all of your financial documents to file for bankruptcy. You will need to provide proof of income, details about your net worth, and your completed bankruptcy petition. Any additional forms that you need can be found at a bankruptcy court. If you choose to hire a bankruptcy lawyer, he or she can also provide you with the necessary forms. A bankruptcy lawyer can also guide you on how to complete the forms, which may prove invaluable during a stressful process.

Completing your case

A bankruptcy trustee will prepare your case by arranging meetings with your creditors, who will answer questions about your financial crisis. You will then be required to present your information to the court and a bankruptcy judge will decide your fate.

It is never easy to admit that bankruptcy is necessary, but bankruptcy can bring much-needed relief in some situations. If you can’t pay a large sum of debt, you should do your research to decide if proceeding with bankruptcy is the right choice for you.