When you make the decision to file bankruptcy, you should start preparing for the process immediately. There are many things to consider before you file for bankruptcy, and you need to know what to do to maximize your chances of success. First, you should consult a San Diego’s experienced bankruptcy attorney to guide you through the process. Then, you should learn more about the steps to take prior to your bankruptcy procedure.
What should I know before filing for bankruptcy?
Bankruptcy is a legal process that will allow you to get a handle on your debt and start your financial recovery. You’ll get relief from creditor harassment and prevent foreclosure on your property. However, if you want to receive all the benefits of filing bankruptcy you need to be familiar with certain aspects of the process.
Choose the right bankruptcy for you
First and foremost, you have to choose the right type of bankruptcy for your financial situation. Some individuals opt for Chapter 13, while others find Chapter 7 better for their individual needs. Also, you can even file Chapter 11 as an individual if you don’t qualify for other forms of bankruptcy.
Take your time hiring an attorney
Bankruptcy is a complicated and complex process that you probably know little about, which is why it’s best to hire an attorney. However, make sure to choose the most qualified professionals for the job, as they will make or break your case. It’s always better to spend a bit more on your lawyer and ensure success than trying to save some money and fail your claim.
Don’t drain your retirement savings or spend too much
While tempting, you should not create additional debt approximately three months before filing bankruptcy, as your creditors will consider that a fraud. Also, know that your retirement savings are protected in your bankruptcy, so you should not rush to drain your account in order to keep the money from falling into your debtor’s hands.
Be aware of the debts your bankruptcy will eliminate
Bankruptcy provides an incredible financial recovery, but it cannot eliminate every single debt you’ve incurred over the years. First, find out what debts your bankruptcy will be able to eliminate, and then prepare to start paying off the non-dischargeable debt that will remain.
Bankruptcy is not a quick process
The process of filing for bankruptcy is longer than many people think. For example, Chapter 7 can last as much as six months, while Chapter 13 can drag on for as long as five years. You have to be prepared for the duration of your process and organize your existing finances accordingly.
Remember to be completely honest
The bankruptcy court requires you to be completely honest when disclosing your current financial situation. You are liable to commit bankruptcy fraud if you try to hide some of your property or provide incorrect information in your bankruptcy paperwork.
Who are San Diego’s reputable debt attorneys to help me with my bankruptcy claim?
There are many important things you should be aware of before beginning your bankruptcy process. First, you need to know what the three main types of bankruptcy are and which one is the best for your financial situation. Then, you should learn all the details on how to correctly file for bankruptcy and do all you can to thoroughly prepare your bankruptcy claim. Once you’ve gathered as much information on the different aspects of your bankruptcy, it’s time to attempt to file your case.
However, actually ensuring a successful claim is very difficult and requires previous experience to guarantee you receive the financial relief you need. That’s what Bankruptcy Law Offices of Mark L. Miller is here to do for you. Our team of educated and qualified attorneys will handle every detail of your case and ensure you get the benefits you deserve. Contact us today and schedule your free consultation so we can go over your case together. You can find our offices near Old Town San Diego State Historic Park. We’re here to help you.