Tips to Help You Prepare for Bankruptcy

Bankruptcy is one of the most valuable tools available to those who need assistance getting their financial situation back on track, but it can also be one of the most intimidating circumstances in a person’s life. The good news is you can take steps to prepare yourself for bankruptcy and all that comes with it, ensuring things go smoothly and taking some of the emotional burden out of filing.

What are some of the best things you can do to help you prepare for bankruptcy?

The first thing you can do to help you feel better about and more prepared to file for bankruptcy is to understand your reasons for filing and how it is going to help you. Bankruptcy enables you to alleviate that desperate, out-of-control feeling you’ve had – likely for some time – regarding money. Bankruptcy is a process that, at times, might feel overwhelming, but in the end will help you through one of the most difficult times in your life and allow you to eliminate financial stress. 

It helps to stay focused on the benefits of bankruptcy when you are unsure what lies ahead.

Hiring a Bankruptcy Attorney

Working with an experienced attorney can also help you feel more prepared for bankruptcy. He or she will explain whether or not you are eligible to file, and can review with you the various types of bankruptcy available. You will also receive assistance filing for bankruptcy and guidance throughout the process, which can be a major help when you are unsure what to expect from the bankruptcy court.

Organize Your Paperwork

Another helpful hint to assist you in preparing for bankruptcy is to know what paperwork you’ll need to submit to the bankruptcy court. Organizing these documents early in the filing process can save you a great deal of time and trouble as you proceed through bankruptcy. The bankruptcy trustee is going to request to review at least two years’ worth of tax returns and details about your assets and current finances, including possibly bank statements. 

Be Honest about Your Situation

It’s important to be forthcoming with the bankruptcy court because hiding information in an attempt to protect property or other assets can result in your bankruptcy request being denied along with potential criminal consequences. An attorney can answer questions about protecting assets the correct way and help you make decisions about exemptions, which is an above-the-board way to protect certain assets when filing for bankruptcy. You can learn more about exemptions here.
Finally, you’ll need to provide the bankruptcy court with identification. In order to prove you are who you claim to be, you’ll need to submit an identification card, such as your drivers’ license, as well as your social security card.

Preparing for bankruptcy might seem frustrating or overwhelming, but an experienced bankruptcy attorney can help you through the process. For more information or to discuss how you can best prepare for your bankruptcy, contact the law office of Frank J. LaPerch, PC at 845.942.5500 for more information.

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