People facing bankruptcy are often confused about how they even got there in the first place, let alone what they need to do to get out. Fortunately, our kind bankruptcy lawyers at Church and Korhonen, PC have put together a trove of pertinent information regarding what you need to know before you file for bankruptcy to help guide you in the right direction. You may feel like there is no hope now, but there always is – all you need is a little help and support from someone who understands and cares.
Declare Everything
One of the biggest mistake consumers make when filing for bankruptcy is not declaring all of their debts to the bankruptcy court, attorney, or trustee, which makes sense since you can’t expect to be relieved of debt that you don’t formally claim. When filing for bankruptcy, you need to declare absolutely everything. Knowing how much of which types of debt you owe to who is the first step to finally realizing financial freedom.
File Correctly
Unlike trained bankruptcy lawyers, debtors are much more likely to make costly filing errors, including failing to file all the required documentation or meet federal bankruptcy criteria. These types of mistakes can significantly delay or even jeopardize your bankruptcy case, which is why if you are not 100% confident you can file correctly you need to reach out to qualified bankruptcy lawyers for legal assistance.
File Sooner
Note: filing sooner does not mean rushing through the process; it just means that you should not put off filing. Many people fear bankruptcy and will try to hold off as long as possible because they believe if they can just get that break they need, they can climb out of debt independently – but what they don’t understand is that bankruptcy is the break they need. Filing for bankruptcy sooner rather than later can ensure that you are able to start repairing your credit faster and can even result in the forbearance of certain monthly expenses associated with your debt, like medical bills or credit card payments. It can also protect you from collector harassment and wage garnishments with an automatic stay.
Final Thoughts?
The last thing you must know is before you file for bankruptcy, although it may fade from your credit history in 7 to 10 years, bankruptcy will remain on your record permanently – so filing without proper consultation is not advised. If, however, you’re struggling to feed your family and are tired of constantly dodging phone calls from debt collectors over bills you cannot pay, bankruptcy may be able to dramatically improve your life. To get advice on whether you should consider filing for bankruptcy or not, we encourage you to consult one of our insightful bankruptcy lawyers at Church and Korhonen, PC. Call Church and Korhonen, PC, toll-free at 1.800.758.5611 or simply fill out the form in the sidebar to begin taking steps to a more sound financial future, greater peace of mind and a fresh start.