Preparing to File for Bankruptcy
In recent years, many Americans have unexpectedly fallen upon hard times. Many of these individuals will consider filing for bankruptcy in order to get out of debt. This is a major decision that can give you a path out of debt, but in general it should be kept as a final solution. If you are considering this as a way to get rid of an unmanageable amount of debt, you should start looking at the logistics of the process and do all you can to prepare for filing.
There are several things you can do in order to make the bankruptcy process move as smoothly as possible. The following steps can prepare you for filing:
- Put together a list of all your debts. Sort them into secured and unsecured as best as you can.
- Put together another list of all your property holdings. Gather as many of the papers associated with these holdings as possible.
- Get an updated copy of your credit report.
- Find your tax returns from the recent past — up to five years’ worth if possible.
Having all these items gathered together can help the process of preparing for bankruptcy or deciding if it is the best option for you go more smoothly.
Whether you have decided to file for bankruptcy or still have questions about your options, a bankruptcy attorney can help. A compassionate and dedicated lawyer will understand that any couple can fall under hard times, especially under the current economic climate. Call a lawyer today for more information about knowing when to file for bankruptcy.