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SOME IMPORTANT THINGS TO REMEMBER BEFORE FILING
BANKRUPTCY
Filing Bankruptcy is not an easy process. However, bankruptcy is a necessary
option for debtors who are not able to pay back their debt and want some time or
a plan to pay back their debts. By filing bankruptcy, they can pay back their debt
within three to five years. If your financial condition is very bad and you think
bankruptcy is the best solution for your problems then Brian Linnekens shares
some important things that are important to know before filing bankruptcy.
Show all your sources for income and all your Assets
On your bankruptcy form, you need to show all your sources for income and you
need to declare all your assets because if you do not show all your income sources
then you are may lose your authority to a discharge of your debt and criminal
charges may also be filed and a fine may also be imposed on you. Apart from
that, the court should have all the data about your assets, income, and expenses
with it to ensure an amicable plan for you to pay off your debt in the coming
years.
Avoid using your credit card continuously
Stop your credit card use because if you use your credit card it may create a few
problems. The use of credit card will accumulate more debt on you, which will
further create a doubt in the mind of the authorities processing your bankruptcy
proceedings that you never ever intended to pay off your debts since you are
accumulating more of it. Apart from that, steer clear of taking any cash advance on
your credit card. While in the middle or even having decided to file for bankruptcy do
not accumulate any additional debts on yourself.
Need to know different chapter of bankruptcy
Before filing bankruptcy, you need to know different chapters of bankruptcy.
Bankruptcy has many chapters such as chapter 7, 11, 12, 13. All chapters have
different conditions and benefits for the debtors. That is why before filing
bankruptcy you need to talk to a bankruptcy lawyer because he can give you the best
suggestion according your situation.
Prepare yourself before filing for bankruptcy
You may need to prepare yourself because filing bankruptcy involves a lot of
paperwork. It is also important for you to know that bankruptcy filing is public, so
everyone can look up your financial information. In others words you will lose some
financial control and privacy during this process. That is why you need to prepare
yourself before filing bankruptcy so that you can easily face the situation.
Speak to an Experienced Bankruptcy Lawyer
Filing bankruptcy is not an easy process that is why before filing bankruptcy you need
to talk to a bankruptcy lawyer. To determine if you are speaking to an experienced
bankruptcy lawyer, you need to ask many questions about their profession like how
many cases he/she has handled in the past, how many others areas of the law
practice. It is very important because an experienced bankruptcy lawyer gives your
better suggestions and with the help of a bankruptcy lawyer, you can easily know
about the bankruptcy law and decide what you want.
Article Resource - https://brianlinnekens.wordpress.com/2017/05/02/some-importantthings-to-remember-before-filing-bankruptcy/