What Steps Are Involved In Filing For Bankruptcy?

Filing for bankruptcy is less stressful when you understand each step in the process, and Auto Cash USA is here to help you with that! In this quick article, you’ll get a clear understanding of what you’ll go through, so there are no surprises along the way.

You’ll also discover how to borrow money even after you’ve filed for bankruptcy. So, be sure to read this all the way to the end!

5 Steps Involved In Filing For Bankruptcy

The bankruptcy filing process can be pretty complex, with steps that differ depending on the type of bankruptcy you’re filing for.

Still, here are the five general steps involved that you’ll likely experience:

Step 1: Financial Assessment

The first step you’ll go through in the bankruptcy process is to perform a thorough financial assessment. More specifically, you’ll need to look at each of your debts, as well as your income and assets.

The goal here is to confirm whether or not bankruptcy is the right way forward. It also allows you to reconsider alternatives that might be more effective for your situation.

Step 2: Credit Counseling

Suppose you decide to continue filing for bankruptcy. In that case, the second step is to complete a mandatory credit counseling course within 180 days (approximately 6 months) before you begin the next step of filing the necessary paperwork.

Remember: the course must be conducted by an approved agency, so check their credentials before you proceed.

Step 3: Filing Bankruptcy Paperwork

After completing the credit counseling course, you can begin filing your bankruptcy paperwork. Start by compiling your financial documents, then fill out the bankruptcy forms that apply to your situation.

This paperwork involves working with the bankruptcy court. You can refer to them to learn what’s required to file your paperwork.

That court will also be where you submit the forms and pay any necessary fees.

Step 4: Meeting With Creditors

As part of the process, you’ll also be assigned a trustee to oversee your bankruptcy case. They will meet with you and your creditors to discuss your financial situation and bankruptcy filing.

In other words, the trustee will facilitate discussions between you and the parties you owe money to.

Step 5: Post-Filing Education Course And Discharge

Last but not least, you will be required to finish a post-filing debtor education course. That course aims to equip you with the knowledge you need to manage your financial health after bankruptcy.

Then, you’ll receive a discharge from the court that releases you from some debts to complete the process.

Can You Still Get A Loan With A History Of Bankruptcy?

Borrowing money can be quite challenging for people who have gone through the bankruptcy process. Despite that, you must remember that you still have options to borrow money for emergencies despite your history.

For example, you can consider getting a title loan if you own a car. This is a type of secured loan that uses your car title as collateral to borrow up to as much as $15,000 quickly.

You could qualify for a title loan regardless of your credit history as long as you can meet the following requirements:

• Minimum age: Title loans are only open to adults, so you must be at least 18 years old to qualify.
• Identification: First, you’ll need a driver’s license or a state-issued ID to begin.
• Lien-free title: Naturally, you must also have a car title for collateral. That title must be lien-free and registered in your name, thereby authorizing you to use it for the loan.
• Vehicle for inspection: The amount you qualify to borrow will depend on how much your car is worth. So, you must provide the vehicle for a brief inspection to assess its value. Don’t worry, though. You get to keep the car once that’s done.

The title loan process is straightforward. Plus, you’ll have a helpful representative guiding you every step of the way to make it even easier.

Just as important is its speed: you can get a title loan pretty quickly. For example, the in-person part of the process, including the vehicle inspection, can take as little as 30 minutes to complete.

Then, if all goes well and you’re approved, you could have the money as early as the same day or the next business day.

From there, you can use the money to cover your urgent costs. For instance, you could use a title loan to fund crucial repairs on your home or vehicle. The money can also help pay late bills and catch up on rent.

No matter what your credit looks like, you can qualify to get a title loan quickly for these kinds of financial emergencies!

Get Fast Cash Now!

Filing for bankruptcy can put a lot of pressure on you mentally and emotionally. However, the best way to reduce that stress is to understand the steps you’ll need to take to avoid surprises.

You can also have peace of mind knowing that Auto Cash USA can help you connect with a lender near you to borrow title loan money regardless of your credit history. All you need to do is use the secure inquiry form online to reach us, and a loan specialist will call you back soon!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.