Consulting an Attorney Before Bankruptcy

There are many good reasons you should be taking with an attorney before filing for bankruptcy. An attorney can guide you and help you make sound, calculated decisions during what can be an emotionally trying process.

For starters, you need to provide accurate, honest and complete information when filing for bankruptcy. This includes all information on your assets, debts, expenses, income and financial history.

There are things to think about and discuss before filing for bankruptcy:

• Are your debts dischargeable in bankruptcy?
• Do you want to keep part or all of your debt?
• Does the cost of bankruptcy outweigh the benefit?
• What happens if you have future financial problems?

A bankruptcy attorney is equipped to answer these questions. There will also likely be questions about your work status and wages. You'll also want to lawn how filing for bankruptcy will impact your credit.

A bankruptcy attorney will likely tell you to steer clear of adding any new debt while in the process of filing for bankruptcy. Failure to so could result in the inability to "discharge" some of your existing debt.

A bankruptcy attorney can also help you determine the chapter of bankruptcy and take you through the bankruptcy filing process.

The attorney will likely start by going over the basics of bankruptcy. When you file for bankruptcy, creditors are prohibited from taking any action to collect your unpaid debts unless a bankruptcy court lifts the stay and allows creditors to go about the business of collecting.

Stay ahead of the curve and ask a bankruptcy attorney for assistance.

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