You feel like you are at the end of your rope. You believe that bankruptcy might be your only way out. This option allows you to discharge much of your unsecured debt, such as personal loans and credit cards. However, you need to think long and hard before you pursue this option; therefore, here are five things you need to know before filing for bankruptcy.
Take a Good Look at Your Finances
You need to sit down and make a list of all your creditors and what you owe them. See why you are in this situation in the first place and take steps to avoid these obstacles in the future. Stop spending money, except when absolutely necessary.
Access Your Credit Report
You are entitled to a free credit report from all of the bureaus to look at your credit. You can go to www.annualcreditreport.com and see everyone that you owe and the amount you owe them. You want to include all of your creditors when filing for bankruptcy or you could end up still owing them money.
Contact Your Collectors
Once you start bankruptcy proceedings, creditors must quit contacting you. Give them the name of your lawyer, and tell them to cease calling you regarding your debt. If your creditors continue to harass you, they may be violating the law, so you need to call your attorney immediately to report their unfair collection practice.
Start Credit Counseling
Anyone who files for bankruptcy is required to get credit counseling with a certified government agency. You need to get started on this requirement. This will prevent your bankruptcy from being delayed longer than you would like.
Hire a Lawyer
Bankruptcy is a difficult and complicated process. You should not go through this without an experienced attorney. Experienced bankruptcy attorneys, like those at Wiesner & Frackowiak, LC, can help you understand bankruptcy laws in your state. They can also help you make sure this is the right choice for you.
No one ever wants to be forced to file for bankruptcy; however, in some cases, it is the only option. Before you enter into this stressful process, you need to be prepared and organized. You can then obtain a fresh start and get your finances back on track.
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