Bankruptcy is an involved process, so we always advise our clients to make sure that they are properly prepared before filing. Meeting with a Montgomery County Chapter 7 bankruptcy lawyer should be one of your first steps of course, but here are a few other things you might want to take care of before you get your bankruptcy started.
What Do I Need Before I File For Bankruptcy?
Making sure that you have a complete picture of your finances is one of the first things that you should do before filing. You want to gather up any documents that can show you what kinds of assets and liabilities you have. This can include:
- Bank statements
- Credit card statements
- Deeds and titles to any property
- Any paperwork relating to loans that you have taken out
It’s also a good idea to have tax returns from at least the past three years and any documents relating to your divorce, if you have split from a spouse. If you pay alimony or child support, that should be noted even though the bankruptcy process doesn’t wipe out domestic obligations like these.
Are There Any Steps I Need to Take Before I File?
Aside from gathering all that paperwork, you should also consider reaching out to your creditors before you file. It may still be possible to work out deals with them without the need to file for bankruptcy. There are also other options, like debt consolidation, that might work for you.
Filing for bankruptcy can be a great way to get a fresh financial start, but it comes with some drawbacks. It will lower your credit score and its effect on your credit can last for a while. It’s a good idea to explore all alternatives before you commit to this.
Do I Need a Lawyer’s Help?
We also recommend talking to a lawyer before you file and working with one once the process is underway. There isn’t a lot of room for error in bankruptcy filings. If you miss a deadline or leave out crucial information by accident, you risk your case getting dismissed. A dismissal is not a discharge of your debt. You’ll still owe money and your creditors will have permission to pursue you again.
A lawyer can help you manage a more complicated Chapter 13 bankruptcy and negotiate a fair payment plan for your creditors. We can also help you if you file for Chapter 7 bankruptcy and want to make the most out of your exemptions and keep more property. There is no good reason to go through this on your own.
Contact Our Law Firm Today
So if you are considering filing for bankruptcy, contact Mudrick & Zucker. We can tell you more about this process, whether it’s a good option for you, and how our attorneys can help you get your fresh financial start. Schedule a consultation today.
