When Escondido residents are facing serious financial challenges, it can be a good idea to take things one step at a time to attempt to get to a solution. For many individuals and families, the first step is to get a full grasp of the entirety of the problems. Is there a lack of income? Are there unexpected expenses that are straining the household budget? Or, as is the case for many people throughout America, including in Escondido, is personal debt becoming an overwhelming hole to dig out of?
If debt is the problem, Chapter 7 bankruptcy may be a debt solution. If an Escondido resident, after reviewing all of the pros and cons, does ultimately decide to file for Chapter 7 bankruptcy, taking things one step at a time in the bankruptcy process is essential. The first step is to know what information is needed in order to file for bankruptcy.
First, the filer will need to compile a list of all of the creditors that are owed debt. The list will need to include specific numbers regarding the amounts owed, and to whom those amounts are owed. Are the debts for credit cards? Personal loans? All of this information is needed.
Next, the filer will need to provide precise details regarding the household income. How often does the filer get paid? Where does the filer work? After that, the filer will need to have a list of all property that is owned. This will be especially important when determining what property is exempt. Lastly, the filer will need to have a list of all of the monthly household expenses. Things like expenses for utilities, food and transportation.
Source: uscourts.gov, "Chapter 7 - Bankruptcy Basics," Accessed Sept. 11, 2016