There can be a lot of uncertainty involved when you’re in a financial crisis. Worries about being unable to make minimum payments give way to wondering if you’ll ever get out of debt. Bankruptcy may be a last resort, but for many people it’s the best way to get a new start, free from debt that has been dragging them down for years.
Once you’ve decided that bankruptcy is your best option, you’ll be faced with the task of preparing to file. I’m here to walk you through the process and make sure you avoid the common mistakes that people make.
- Don’t Go It Alone: Legally, you don’t need to hire an attorney to help you file bankruptcy. People do choose to file on their own, but there are risks involved, such as missed deadlines and incomplete paperwork. Hiring an attorney who specializes in bankruptcy will ensure that you have all the information you need and no details of your case are missed. You’ll save yourself the time and stress of researching and making all the decisions on your own.
- Be Thorough: There are many details to remember and all kinds of documentation to track down when you’re preparing for bankruptcy. It’s absolutely imperative to provide accurate information to the court so that you don’t run into any problems with your case. You must list all your creditors, assets, income, and property. I’ll give you a checklist of what you’ll need to provide and what steps you’ll need to take to prepare for filing.
- Don’t Make Any Big Changes: In an attempt to protect assets, people will sometimes give their property to friends or family members. Although this is understandable, it also could be considered fraud. In the overwhelming majority of cases, you’ll be able to keep your property, so this is not worth the risk. Additionally, if you repay a relative or friend money that you owe them, rather than paying your creditors, the court could require them to pay the money back. The court will then distribute the money to your creditors. Also, it is unacceptable to make additional purchases on credit cards that you intend to include in your bankruptcy. This is tempting, especially knowing you won’t have access to credit for a period of time after your bankruptcy, but it also could lead to you being charged with fraud.
- Act Now: If you’ve closely examined your budget and cut expenses where you can but still aren’t able to make a good dent in your debt, it may be time to look into bankruptcy. While you shouldn’t rush into this decision, putting it off is not the answer. The longer you wait to take proactive charge of your situation, the worse your credit will become, and you may be sued by your creditors. Putting off the inevitable also leads to more stress in your home and relationships.
I would be glad to share more information with you about debt, credit, and bankruptcy. If the stress of finances is getting to be overwhelming, call me today.
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We are here to help as you strive toward financial freedom. We’re experienced and have up-to-date knowledge about all the aspects of bankruptcy law. Don’t feel like you have to navigate the system alone. We’re here to take your call! Contact us today to get started. Click here if you need a Eugene bankruptcy attorney , or check here for our other Oregon and Washington locations.