Bankruptcy is something that you know you need and want to do. All of the qualms you had have been set aside in favor of going through filing for insolvency and becoming free from debt. The problem is, you don’t know where to start and how exactly bankruptcy works. A Des Moines Bankruptcy Law is open to just about everyone, but it’s not an easy process to get involved in. But making the effort and being patient is very rewarding when you reach the final day of your filing and can be free from your unpayable debts for good.
There are a series of steps involved with filing, and all of them are milestones that signify movement towards the elimination of your debt. It starts with filling out the means test, then the actual petition, taking a credit counseling class, submission of the petition, the 341 hearing, and finally, discharge. Meeting each step head on gets you past that particular hurdle and closer to the end. It’s important to understand how all of these aspects of bankruptcy are going to happen and how it affects you. It’s best to talk to a lawyer to get more detail about how it works and what’s going to happen in your particular situation.
The means test is the opening salvo for becoming debt free. Here, you do a general list of your debts and income, then do some simple math to determine where you fall against your state’s median income. If you are under, you automatically qualify for Chapter 7 and don’t have to fill it out further unless you prefer to go through a Chapter 13 instead.
After the means test comes the petition. It’s a large package of material that has to be filled out entirely and properly. Missing one page can see your bankruptcy thrown out if the judge is not in a forgiving mood. Provided everything is there, the petition is accepted and moved forward to the trustee. You then have a hearing with the trustee where you are asked certain questions, and deal with any creditors that show up which is rare. From there, you move forward towards discharge and the day you finally become free from your debt for good.
