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Four Ways To Prepare For Bankruptcy

Posted by in Bankruptcy
10
Feb 2016

Bankruptcy is certainly not a pleasant thing to contemplate, but sometimes there’s no other choice. When it comes to debt, and other financial problems, filing bankruptcy can be the best solution. You can, however, make the best of an unfavorable situation by preparing and planning ahead. Being on top of everything can really help salvage a bad situation.

Preparing For Bankruptcy

Here are some steps you can take to be prepared for bankruptcy:

  1. Educate Yourself

    When in financial straits, the urge to ignore a crisis can be strong. Instead, try to keep yourself as educated as possible when it comes to bankruptcy claims. Some ways to educate yourself include:

    • Studying paperwork concerning your credit reports and debt.
    • Speaking to a bankruptcy trustee.
    • Reaching out to other acquaintances who may have gone through the same thing.

    Denial can be comforting, however it will catch up with you in the end. Pay attention, and learn as much as you can before declaring bankruptcy.

  2. Stop Spending

    Under no circumstances should you continue to borrow money or use credit cards after making the decision to declare bankruptcy. If you continue to do so, it can be considered fraud, and can result in criminal charges.

  3. Get All Paperwork In Order

    When preparing to file for bankruptcy, you must compile all paperwork related to debts, paid or unpaid. This includes items such as:

    • Debts you owe
    • Identification
    • Bank account information
    • Debts you’ve already paid off
    • Information related to assets–home, car, stock, etc.
    • Any lawsuits or garnishments filed against you.
    • Income records
    • Expenses.
  4. Be Honest

    Declaring bankruptcy can be embarrassing, and difficult to tell family and friends about. Don’t keep it a secret. Telling people who care about you is a good way to get your finances back on track, as they can help you plan ahead, and stop you from making familiar mistakes.

Bankruptcy is unfortunate, but it need not ruin your whole life. By making a plan, you can recover from bankruptcy. Many people find the recovery difficult, but at Kevin Thatcher and Associates, we can help you plan for a brighter future. Contact us today to learn how this is possible.

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