The most common forms of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 Bankruptcy would require most of the nonexempt assets of a company or individual to be sold to repay debt. Chapter 13 provides a payment plan that may extend the normal payback period to add some ease for the debtor. In either case, hiring a Bankruptcy Attorney Pomona is in your best interests to serve and protect any remaining finances and assets.
In all cases of filing for bankruptcy counseling meetings will need to be attended by the debtor. Even if you have a bankruptcy attorney Pomona this financial training session is a court mandated proceeding before you can start filing the necessary paperwork with the courts to liquidate debts. There are a number of agencies that provide this training but confirm that the agency you attend training through is accredited by EOUST, the Executive Office for US Trustees.
There are two separate counseling meetings that will have to be attended. One is before you can file paperwork with the courts and the other one is done as a post-judgment session. The pre-filing counseling will help you with information on what type of bankruptcy options there are available. While your lawyer may go over this information with you, you may have additional questions that can be addressed in the pre-filing session.
After your case has gone through the court system there will be a post-trial counseling session. In this session you will be educated on how to proceed in your financial obligations assigned by the court. Important facts about how to rebuild finances, how to avoid bankruptcy again in the future, developing a budget you can stick to, how to use credit to build your financial portfolio safely and what to watch for in terms of predatory lenders.
In the most extreme case where you have to file for Chapter 7 Bankruptcy Pomona, there is a lot to know about how to proceed financially once your debt has been relieved and you are starting over to rebuild assets. Your lawyer will help you with any questions that are relative to your case but the counseling sessions will help you gain a broad knowledge and understanding to set your future financial obligations in place according to the law. For more information, visit the website Cantpay.com.
