How to Prepare to File Bankruptcy
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Countless people are doing it. In these difficult financial times, filing for bankruptcy is becoming more and more common. If you are one of the many who are contemplating bankruptcy, there are certain steps you should take to make the process as simple as possible.
Find a Competent Bankruptcy Attorney
First, you need an attorney. Some people attempt to handle the procedure themselves, but in many cases, they end up making their situation worse. If you don't clearly understand exemptions and reaffirming certain debts, you could end up homeless and on foot.
Choose a lawyer who specializes in bankruptcies. She will be up to date on bankruptcy laws and know the best ways to proceed with your individual situation. A good bankruptcy attorney will understand exemptions and dischargeable debts and steer you towards the best options.
Choose a lawyer who specializes in bankruptcies. She will be up to date on bankruptcy laws and know the best ways to proceed with your individual situation. A good bankruptcy attorney will understand exemptions and dischargeable debts and steer you towards the best options.
Debt Relief & Management Tips : How to File Bankruptcy
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Gather Your Financial Information
Make a list of every creditor you owe. Take advantage of free credit reports and request yours as soon as possible. Look them over carefully for any debts you may have forgotten. Include everything you owe, even those debts you plan on reaffirming. Include copies of any court proceedings against you. You will also need to know the addresses and amounts owed each of your creditors. Put the information in a box or a file so it is all located in one place.
You will also need to put information about your income into the file. Include your latest pay stubs, income tax returns, and records of unemployment compensation, SSI, child support or other income. Add titles to any motor vehicles and deeds to any real property such as your home or an office building. List valuables such as jewelry, stocks or paintings. Be complete. Do not try to hide assets from the court or it could lead to more serious legal problems later.
You will also need to put information about your income into the file. Include your latest pay stubs, income tax returns, and records of unemployment compensation, SSI, child support or other income. Add titles to any motor vehicles and deeds to any real property such as your home or an office building. List valuables such as jewelry, stocks or paintings. Be complete. Do not try to hide assets from the court or it could lead to more serious legal problems later.
Don't Make Any Drastic Financial Moves
What you do financially for ninety days prior to filing bankruptcy can be scrutinized by the courts. If you were to run up your credit cards or give away any assets during that period, you could be accused of fraud.
You also do not want to pay large amounts to any one creditor. The law states that each creditor must be treated equally. Don't pay off the $10,000 debt you owe your parents and leave other creditors without.
Do keep paying the payments due on bills you will be reaffirming, such as the mortgage or car payment. It doesn't make sense, however, to throw large sums of money to credit card companies whose debt will be discharged.
By gathering the necessary information and following the guidelines before you file for bankruptcy, you will ease the process. Have your information together before your first appointment with your lawyer and take it with you. Together, you will find the best way to begin your new financial life.
You also do not want to pay large amounts to any one creditor. The law states that each creditor must be treated equally. Don't pay off the $10,000 debt you owe your parents and leave other creditors without.
Do keep paying the payments due on bills you will be reaffirming, such as the mortgage or car payment. It doesn't make sense, however, to throw large sums of money to credit card companies whose debt will be discharged.
By gathering the necessary information and following the guidelines before you file for bankruptcy, you will ease the process. Have your information together before your first appointment with your lawyer and take it with you. Together, you will find the best way to begin your new financial life.
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by michaelk08
michaelk08
I am a father of two girls, husband to my gorgeous and talented wife, and an attorney practicing in criminal and family law.
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