This video is an overview of the bankruptcy prep services and how they can be helpful. Watch the full video to find out.
Bankruptcy is a legal procedure that allows people who are unable to pay all of their debts to receive relief.
If you’re thinking about filing for bankruptcy, this video will provide you a basic understanding of the procedure, the benefits it provides, and how to get the legal aid you need.
You may be considering bankruptcy if your bills have gotten overwhelming or you are facing foreclosure on your house. While bankruptcy may be the only option for some, it comes with major repercussions that should be considered before making any decisions.
If you’ve chosen to file for bankruptcy, the first thing you should do is speak with an attorney. Although filing without one is possible, ‘getting the opinion of a knowledgeable attorney is strongly suggested because bankruptcy has long-term financial and legal consequences.’ You must first attend a counselling session with a credit counselling institution that has been approved by the Department of Justice’s U.S. Trustee Program before filing.
The counsellor should assess your specific financial circumstances, explain bankruptcy choices, and assist you in developing a budget plan. 3 According to the Federal Trade Commission, counselling is free if you can’t afford it; otherwise, it should cost around $50.
To find out more about bankruptcy prep services, keep on watching the videos.