3 Tips When Filing For Bankruptcy

21 February 2017
 Categories: Law, Blog


In order to make sure that you are seeking financial relief from tremendous debt, you will need to file for bankruptcy. This is a decision that is never taken lightly, due to the fact that it stays on your record and can be a tedious process to go through. If you are thinking that you will need to undergo bankruptcy, there are some tips to remember. Follow these tips below so that you make the most of bankruptcy and look toward the light at the end of the tunnel. 

#1: Learn The Requirements Of Filing For Bankruptcy

When undergoing the bankruptcy process, it is important to know what is required of you. There are laws in place that vary state by state, so the more you know about those laws in the process of filing for bankruptcy, the more comfortable you will be overall. For example, there are some waiting periods that you will typically have to endure — typically about 180 days or so. It is also important that you undergo credit counseling and show proof of the counseling before moving forward with the legal process of filing for bankruptcy.

#2: Find The Best Lawyer To Represent Your Bankruptcy Case

You also need to do everything that you can to reach out to the highest quality bankruptcy attorney to take the case. These attorneys are able to guide you through each and every process and will also put your mind at ease during a treacherous financial period. You should also ask about the attorneys fee in order to make sure you can afford them. While fees for a bankruptcy lawyer will vary, you will probably expect to pay between approximately $1000 and $1200. Shop around for the ideal price from a handful of bankruptcy lawyers to make sure you're doing your due diligence.

#3: Fix Your Financial Life Throughout The Process

While filing for bankruptcy, you need to be bolstering your financial life so that you can bounce back productively. You will receive debt forgiveness, so over the next few years, make budgeting and increasing income your main priorities. Avoid accruing any new debt over the next few years and continuously seek counseling to bring your finances back in order. This way, the bankruptcy period will be a positive thing that lets you improve your finances overall.

Handle these three issues and use them in order to take full advantage of your bankruptcy petition.