When you find yourself in a state of financial turmoil and finally make the decision that you have had enough, it is time for Filing Bankruptcy in Avon IN. The overall goal of this process is to receive a fresh start from the burden of trying to pay your bills each month, when you simply do not have enough income to do this. While the process to file bankruptcy can be a bit overwhelming at times, there are certain things you should avoid at all costs to ensure that the process is as smooth and as problem free as possible.
The majority of people that file for bankruptcy protection do actually qualify. Anyone that does not qualify will have additional options to consider. If you make the decision to file anyway, when you do not qualify, by leaving out certain assets, it could result in your case been dismissed and you being unable to file on that particular debt again.
Never Leave Out Income
There are a number of people that do not believe that a part time job will count as income. When you are Filing Bankruptcy in Avon IN, you have to include all of your household income, which includes part time income your children are earning. This has to be included if you claim them as a dependent in the bankruptcy.
Never Leave Out Your Vehicles
There are many people that don’t want to run the risk of losing their vehicle, so they do not list it in their bankruptcy paperwork However, the vehicle you have is considered an asset, or a liability if secured by a loan. You have to list the car and the trustee that is reviewing your case has to be aware of each vehicle that you own. Additionally, the car that you child drives that has not been transferred into their name has to be listed. You should not try to transfer this to them prior to filing, as this is the best way to set yourself up to lose the vehicle.
If you are unsure how to proceed with the bankruptcy process, contact The Wright Law Group, LLC. Legal representation can help you fill out and file the proper paperwork in a timely manner. Bankruptcy can help you rebuild your finances; however, you have to follow the rules and regulations in order for the process to be successful.