Filing for bankruptcy is an extremely difficult decision as it can have adverse effects on you. While you may have gotten yourself in a financial predicament that you can’t seem to find your way out of, you need to know all the pertinent information you can regarding when you should consider filing for bankruptcy.
Some common reasons why people file for bankruptcy include:
- A failed business
- Inability to manage money
While these are only some of the reasons why a person might consider declaring bankruptcy, it is important to understand what it means to “go bankrupt.” When an individual comes to a point where they are unable to manage and pay their financial obligations, they can declare themselves as bankrupt and some of these burdensome debts will be erased.
According to the District of North Dakota United States Bankruptcy Court, “bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating their assets to pay their debts, or by creating a repayment plan.”
If you are wanting to learn more about whether or not you should file for bankruptcy, it is highly encouraged that you speak with a bankruptcy attorney in North Dakota who is knowledgeable in the field and can provide you with the advice you need.
What process must I follow to file for bankruptcy in the state of North Dakota?
First things first. Bankruptcy matters are handled by federal courts which means they are not filed with the state court system. With that said, the process begins by you
- Filing a petition with the bankruptcy court. Our helpful ND bankruptcy lawyers can definitely help you this. Those who are able to file a petition include the individual, a husband and wife together, or a corporation or other entity.
- You will also need to file statements listing assets, income, liabilities, and other contact information of all creditors and how much you owe them.
- Creditors will receive notice from the clerk of courts stating that the debtor, which is the person looking to declare bankruptcy, has filed a bankruptcy petition.
- From there, it will be decided whether you reorganize and establish a plan to pay your creditors or the liquidation of your property occurs.
Trying to handle this process alone is going to be tough. You want to ensure you include everything necessary and don’t want to skip a single step. Let us connect you with a reliable bankruptcy lawyer in your city who will work patiently with you as you gather all the documentation you need. They may even be able to assist with this which in return can help take some of the pressure off of you.
Ready to get all of your questions answered?
USAttorneys.com understands that this is a difficult decision for you and that you still may be unclear as to what actions you should take. We want you to have the opportunity to make an informed decision which is why we would like to help you FREE of charge in finding a nearby bankruptcy attorney in North Dakota. Give us a call today and we will gladly begin working with you.