Does Bankruptcy Require Me to go to Court?

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“If I file for bankruptcy protection, do I have to attend bankruptcy court?” This is a frequently asked question by many persons facing debt problems. This is a legitimate question but before answering it you need to understand what exactly bankruptcy is. Bankruptcy is an orderly process in which a person or business declares themselves insolvent and asks the court to discharge their debts.

petition for bankruptcy

Once filed with the court, the company or person becomes “insolvent” and is required by law to maintain specified financial standing. If their financial status is found to be satisfactory, the court then authorizes a trustee to reorganize debts according to a specified plan. 

If a person wants to be declared bankrupt, they must go through the prescribed procedures for declaring bankruptcy. They must show the income and expenses that prove they are not able to pay to the creditors. They must also convince the court that there is no other way out except going through the bankruptcy proceedings. It is important to attend bankruptcy court proceedings carefully so that you get it right.

Preparing for Bankruptcy Court

Are you nervous about going to bankruptcy court? You’re not alone. Bankruptcy court is not a fun time, it’s a very stressful time and you don’t want it to be one of the reasons why you lose your home or your car. Bankruptcy can be scary, especially if you don’t know what is coming, but it doesn’t have to be. Here are some tips that will help you make sure that you’re going to be able to overcome your fear of going to bankruptcy court.

First, you need to know what is going on. The first few days or weeks after you become bankrupt, you will not be able to discuss your debts with anyone else except your trustee. This means no more calls, text messages, visits from any of your creditors. While this can be very frustrating, you need to concentrate on getting through this period.

Second, you need to understand that there is nothing that you can do to stop your discharge. Remember, you’re going to lose whatever it is that you owe creditors and you could face the possibility of losing your home, car, and whatever else you owe money to. So, don’t spend any time worrying about that. Instead, focus on what you can control.

Third, realize that there may be a lot of assets that are not exempt from bankruptcy. You may lose all of your bank accounts, retirement accounts, investments, and so on. You may also probably lose any assets that you own directly. This includes things like real estate, gold, and silver that you may currently have. So, this is a serious matter that will affect you for years.

Fourth, keep in mind that you’re going to have to pay back all of the money that you owe to your creditors. This means that you’re going to have to cut back on your spending. Don’t spend money on a luxury vacation. Rather, you will want to save up to make sure that you can afford to keep your home and car. Once again, keep in mind that you’ll need to explain these details to your bankruptcy court.

Fifth, when you’re going to bankruptcy, keep your assets in one place and your debts in another. This means that you’re going to need to get a bankruptcy lawyer to help you with your paperwork. The bankruptcy lawyer is going to help you with the bankruptcy forms and they will also help you with keeping everything together so that you don’t have to worry about where anything is. They will make sure that you don’t mix up any of your debts or assets.

Finally, don’t forget about your family either. You and your family may need to move to another home while you are going through this tough time. Keep them in mind and make sure that they know that you’ll be alright. Keep them close and always be available. 

Hiring the Right Bankruptcy Attorney

Irrespective of which option you choose, it is essential that you clearly understand how the bankruptcy court works. You cannot apply for bankruptcy without first consulting a lawyer. Before going to court, make sure you understand all about the procedures and where to file for bankruptcy if you do decide to go that way. You can also see here on what lawyers do in a bankruptcy case so you can get a better idea of what the process is like.

Bankruptcy court can be an overwhelming experience. However, if you keep the above-mentioned points in mind you should have an easier time going through the process. The more organized you are, the less stressed you will be. Remember to think clearly and prepare as best as you can for your upcoming bankruptcy.

At Hoskins, Turco, Lloyd & Lloyd, we understand how complicated the process of considering bankruptcy can be. Don’t wait any longer than necessary. Save yourself a trip to our office by scheduling a free virtual consultation. Simply contact us online or call us at (866) 460-1990 to privately discuss your case right over the phone or in a secure virtual meeting. 

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