How To Initiate Bankruptcy Proceedings

You do not have to be in debt for the rest of your life. If you have accumulated a large amount of debt and have fallen behind on your payments, you are probably starting to get harassing phone calls from debt collectors. The stress you feel every time the phone rings does not have to go on any longer if you file for bankruptcy. Bankruptcy should be your last option because it does carry consequences that will stay with you for as long as ten years. However, it may be time to talk to a bankruptcy attorney Lincoln NE to see if you are a good candidate for bankruptcy. You can schedule a free consultation with a bankruptcy attorney and go over your personal situation to see if you are a good candidate for filing a case. You are never under any obligation to proceed and the attorney may actually suggest that there are better alternatives for you than bankruptcy. Once you do decide to file, you should be prepared for a process that can take several months from start to completion. You will be asked to fill out some forms, including one that lists your creditors and the amount you owe to each. You will also have to provide an accounting of all of your monthly expenses and the income you earn each month. There is a financial education class that you must attend and you will have to go to a hearing, with your attorney, to answer some questions presented by a bankruptcy trustee. Once you go through all of the steps, you will usually receive a written notice in about a month or so stating that your debts have been discharged.