5 Tips When Filing For Bankruptcy

Law Blog

One of the things you may need to do at some point in life is to consider filing for bankruptcy. There are some times when you may be faced with a lack of finances in life and working to recover from this can be hard. Being successful with this legal status can alleviate a lot of stress in your life, and it's idea to be prepared for it as much as possible.

Tip #1:  Know your finances

You will need to report the amount of money you make when you're filing for this status. Additionally, it will be necessary to know the total of your expenses each month.

These have to be within a certain amount for you to be eligible for bankruptcy and you can be prepared well in advance by getting these numbers together. 

Tip #2: Look at your credit report

One of the things you will want to do is pull up your credit score. There are numerous places where you can do this for free and this information can be extremely helpful when filing for this status.

Tip #3: Tell your creditors

It's necessary to let all the businesses you owe money to know that you're going to do this. Informing your creditors that you're in the process of filing for bankruptcy is simply one thing that must be done.

Tip #4: Consult with a lawyer

It's a fact that filing this legal status can be complex to do and you'll want to work to get the best legal advice possible. There are numerous forms that must be completed and concrete legal steps that must be followed precisely to have the success you wish during this time.

Working with an attorney in your area can allow this process to be a much simpler one for you and alleviate a lot of your stress.

Tip #5: Get credit counseling

It will be necessary to take a credit counseling course if you file for bankruptcy to have success with it. This is something you should consider doing as soon as you know this status is one you want to achieve.

The benefits of working to alleviate a lot of financial stress by filing for bankruptcy are many. You can be able to pay for the things you need with less anxiety in the process. Be sure to work with a bankruptcy attorney to assist you with this process today, or visit a site like http://www.reppelaw.com for more info.


3 September 2017

File Chapter 7, and Keep Your Home

Many people assume that when they file Chapter 7 bankruptcy, they will have to give up their homes and other property. This is not necessarily the case. I am a bankruptcy attorney, and I have helped many clients file for Chapter 7 bankruptcy without giving up homes, cars, and other property. When you file for bankruptcy, the property you are allowed to keep depends on your individual circumstances and the state where you live. Most states allow exemption for property you are currently paying for. This blog will guide you through that information and help you determine if filing Chapter 7 bankruptcy is the right choice for you.