Filing for bankruptcy is one of the options that the federal government gives people that need a fresh start in terms of finances. If you feel like your business is not breaking even and that the debts are too much, you can file for bankruptcy and protect your personal assets from seizure. Here are a few of the important things that you need to know about hiring Bankruptcy Lawyers in Silverdale WA.
Find out if you are eligible
Not everyone can file for bankruptcy just because they feel like they are getting too many calls from creditors urging them to pay up. To qualify to file, you have to fulfill the following requirements.
1. You have to be able to prove that you have tried other means of settling your debt and failed.
2. You have to be ready to provide all information regarding all your finances, expenditures and a list of all the people you owe money and the amount that you owe them.
The requirements are put in place as a measure of preventing fraud. Since anyone can file for bankruptcy, the federal government has to ascertain that you have actually been unable to pay off your debts. A bankruptcy lawyer will help you figure out if you qualify or not.
Thinking about the consequences of filing
While filing for bankruptcy may seem like a sweet relief from debts, it will have long lasting effects on you. To start with, you will have to agree to take part in financial counseling services to learn how to manage your resources better. The most serious consequence is that the bankruptcy puts a lasting mark on your credit score. A bankruptcy lawyer can help you explore other options before going for bankruptcy.
The process itself
In case no other alternative seems viable, bankruptcy lawyers in Silverdale WA will help you start the process. You will do the filing at the federal court. You will be needed to provide a list of your assets, income and expenditure and what you owe. If it is approved, all your assets will be protected from seizure.
Bennett Moran and Gianneschi Attorneys will help you with the whole process of filing for bankruptcy.