Planning For Bankruptcy

Deciding to file for bankruptcy is not a decision that comes easily for most people. In fact, numerous misconceptions and myths have struck fear in the hearts of many, leaving them afraid to seek the protection that bankruptcy has to offer. If you have decided to file for bankruptcy protection,  there are a few things you can do to ensure your case is as successful as it can be.

Knowing When, Where and How

Timing can be very important to the success of a bankruptcy case. For example, if you are seeking Chapter 7 bankruptcy you must pass an income restriction requirement. Therefore, it may be best to wait until after a job has been lost or income has been reduced before filing your case.

While many people are able to file their case alone, having adequate representation can be very beneficial. A qualified bankruptcy attorney can ensure your petition paperwork is completed and your case gets filed without error. The bankruptcy process can be quite complex, which is why having representation can be a great asset.

How you file your case is fairly standard. Bankruptcy courts require you to complete numerous papers outlining your financial details. This is one of the most important steps in filing your case as any error or missing information in these documents can impede the success of your case. Be sure you are listing all of your assets and debt accurately before you file your case.