The situation of filing for bankruptcy may arise anytime in the life of a person. The best way of proceeding further, in this case, is by learning everything there is to know about bankruptcy. 

A lawyer is your best choice in learning everything about the liquidation process. You can find the best Charleston, WV bankruptcy attorney by visiting Hinkle Law PLLC. This is a team of experienced bankruptcy attorneys who can be your helping aid when you plan to file for bankruptcy. 

Bankruptcy Basics 

Financial disasters require a way of handling them and bankruptcy is one of the many solutions here. People filing for bankruptcy are allowed a second chance to make everything right in their life both financially and career-wise. Liquidation is the best solution for people that do not find any other way of starting fresh in their life. 

There are three types of bankruptcy, including:

1. Chapter 7
2. Chapter 11 
3. Chapter 13 

All three types of bankruptcy have their specification and requirements for filing. You can learn about them in detail and understand what works the best for you. 

The important factor to consider while planning for bankruptcy is whether you are qualified for applying for bankruptcy or not. You may need to fulfill all the necessary obligations required for filing for bankruptcy and can proceed further with the help of bankruptcy lawyers (click to know more about such lawyers here).

You are required to sit in a session that runs for 6 months before you can file for bankruptcy, and this session is known as a credit counseling session. This type of counseling session is offered by a government-recognized credit counseling agency, and you can complete the sessions via online hours or in-person as per your preference. 

The certificate that is issued after completing this session will help you in filing for a bankruptcy petition. 

Now that you are all set to file for a bankruptcy petition, your next step is filing one. Here, you are required to fill out all the papers, and applications, along with producing all the necessary documents as requested. The documents include: 

• The list of your creditors and the amount that you own them individually 
• Your sources of income and the credited amount, and also the frequency with which the amount is credited to your account 
• Your property and its current value in the market 
• Your living expenses 

Once you have filed for a bankruptcy petition, your case will proceed accordingly and you will be updated about the hearings from time to time.