If you are one of many suffering under a wavering economy and financial stress you may be looking for help with your debts. A Dallas bankruptcy is one option that can help you eliminate your debts and get back on track. Here are a few things to know to prepare yourself for the process:
First, always consult a Dallas bankruptcy lawyer before you make a final decision. Your lawyer will help you review all of your options, even those outside of bankruptcy, to help you make an informed decision. While you might not think you can afford an attorney, chances are you can’t afford not to get professional legal advice about dealing with debt management.
Second, understand that bankruptcy isn’t a passive process and you will be required to participate. The first requirement will be the completion of a debtors education course through credit counseling. This should be done within 180 days of your filing date, so get it done quickly. You will also need to fill out a bankruptcy petition form listing all of the details of your financial profile. Be sure you are open and honest about all of your income and funds, debts and names of creditors, and the value and location of your assets. Any false or missing information in your petition could be the difference between a successful outcome and a dismissal with suspicions of fraud.
Last, stay in contact with your lawyer and trustee as they are the mediators of your case. They can answer any questions or concerns you may have about your case. If you are in a Chapter 13 bankruptcy you will be making your payments to the trustee so always be timely with your payments. If there is any changes to your income, debts or assets while in an active bankruptcy case be sure to notify your lawyer and trustee right away.