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5 Important Tips for Preparing for Bankruptcy

On Behalf of | Feb 20, 2016 | Bankruptcy Basics

If you are facing overwhelming amounts of debt and you are not sure what debt relief options are available to you, let us help. Bankruptcy is not the only way you can deal with your debt, especially if you seek help before your financial situation gets beyond repair. We can help you explore options such as loan modifications, debt settlements, and fighting collection actions.

How do you know if filing Chapter 7 or Chapter 13 is the best option for you? There are many factors that we will consider in reviewing your unique situation. Below are a few examples of when a personal bankruptcy filing is warranted:

· You have collection lawsuits being filed against you

· Your wages and/or bank account is being garnished

· You have secured creditors threatening to seize assets

· You are being harassed by debt collectors

· Your mortgage lender is threatening foreclosure

If you decide you are ready to seek debt relief in bankruptcy, below are five tips for preparing for your filing:

1. Review and understand your financial situation. You should assess your income, expenses and total amount of debt. You should pin point what caused your financial distress and what you can do to avoid financial struggles in the future.

2. It is imperative that you list all of your debt and everyone that you owe money to in your bankruptcy case. Thus, you should prepare a list of your debts including medical debts and those that no longer have collection activity on them.

3. All individual debtors are required to complete a pre-bankruptcy financial counseling course which can be done online. You should obtain your credit counseling certificate from a court-approved, certified provider as soon as possible. The Certificate is good for 6 months so don’t postpone getting it done..

4. Retain an experienced bankruptcy attorney sooner than later. Having a lawyer walk you through the Chapter 7 or Chapter 13 process can be the difference between making your financial problems worse and obtaining the fresh financial start you so desperately need.

5. Don’t checkout of your case once your attorney is involved. It is important that you communicate with your lawyer and actively participate in your case. Although your lawyer will do most of the work in your filing, he or she must have your assistance in order to obtain a successful result.

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If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, P.C., at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 13 and Chapter 11 filings. Let us help you get the fresh financial start you need today.