The bankruptcy process is your federal right as a consumer and was designed to bring you debt relief. However, the process isn’t necessarily the most clear-cut or consumer friendly. Some people end up making any one of these common mistakes that can be the difference in a successful debt discharge or the dismissal of a case.
Going It Alone
While filing for bankruptcy can be done alone, it is not recommended. Working with a bankruptcy lawyer in Springfield is important to ensure you make an informed decision as to whether bankruptcy is the right solution for you. Having the counsel of a lawyer can walk you through the petition process, making sure your documents are prepared correctly to reduce the risk of any denial from the court. Further, your lawyer can mediate interactions with creditors so you don’t have to.
Document Preparation Errors
One of the most common mistakes in filing for bankruptcy is document preparation errors. When completing the bankruptcy petition you will be required to fill out a lengthy questionnaire about your financial history including income and fund accounts, assets and their values, and the details of your debt accounts. Any inaccuracies or missing information can lead to a dismissal of your case. Further, any intentional hiding of information can lead to suspicions of fraud.
Failing To Complete The Requirements
When you file for bankruptcy you will be required to complete a few steps before your case can be activated and completed. You must pay a court filing fee at the time your petition is filed. The costs for a Chapter 7 filing are $335, and $310 for a Chapter 13. If you can’t afford the Chapter 7 fee, you may be able to request a waiver. You will also be required to complete a debtor’s education course through an accredited credit counseling agency. You must turn in your certificate of completion with the 180 days prior to the filing of your case.