Being weighed down by debt can be both a financial and mental burden. Luckily, if you are in serious debt, you can explore Chapter 7 bankruptcy. This will allow you to get out from under your debt and move forward with better mental health and an improved financial strategy.
Get Your Credit Report Before Filing for Bankruptcy
Before you file for bankruptcy, you will want to get your credit report from all three major credit bureaus. They don't always have the same information, so you will want to get all three reports. Review your reports, and make sure the information is accurate. If there is any misinformation on your report, such as a debt you don't owe, work to fix it right away. You want to ensure your creditors are listed correctly, as this will impact your formal bankruptcy case.
Hire an Experienced Attorney
It helps to have a bankruptcy attorney walk you through the process. Look for someone who has positive client reviews online and responds to your inquiries to their office in a respectful manner. You want to find a bankruptcy attorney who you feel listens to you and is prepared to help you navigate the bankruptcy process.
Do Mandatory Counseling Right Away
When you file for bankruptcy, you are going to be required to complete state-mandated credit counseling. These courses can now be taken online. Although you are generally given a generous amount of time to complete these courses, you should still get them done right away from several weeks to several months. You need the certificate that you completed the courses before your case can continue to move forward. Until you take the courses, your case will essentially be at a stalemate.
Be Honest About Your Finances
When you meet with your attorney, you need to be honest with your finances. Now is not the time to hide that payday loan you never paid back or to hide that store credit card you took out three years ago for Christmas and have not paid down. You need to write down all your debts for your attorney. Remember that personal debts count as well, so if you borrowed money from a friend, you should disclose that as well. You also need to be honest about your monthly income and monthly expenses. Be honest about what assets you have; remember, some of your assets will be protected during the bankruptcy process, like your home, vehicles, and retirement accounts.
If you want your bankruptcy to go smoothly, get your credit reports before filing and ensure accurate information. Hire an experienced attorney who you feel comfortable with to guide you through the process. Get your mandatory counseling done right away so your case can move forward. Be honest about your entire financial situation with your attorney.
Share16 April 2021
When it comes to fighting in court, it isn't always easy to stay strong, stable, and secure in your convictions. Fortunately, by working with a great lawyer, things become much easier. About ten years ago now, I was accused of a crime that I didn't commit, and it was really heartbreaking. I started thinking about what to do, and a friend of mine suggested working with a great lawyer. It was incredible to see how much help the lawyer was, and within a few months, I was proven innocent. This blog is here to help people who might be fighting legal battles of their own.
