Things to Do Before Filing Bankruptcy

Bankruptcy can provide you with a fresh financial slate if you are struggling with debt you cannot afford to repay. However, filing bankruptcy is not a guarantee that your case will end favorably. There are things that can go wrong and when they do, it can hurt your chances of having your debt discharged. To ensure that this does not happen and that you obtain the most successful outcome, our Orlando bankruptcy lawyer outlines steps to take beforehand below.

Gather Financial Documents 

Gathering your financial documents can make things easier, as your lawyer will need to review them before determining the best course of action in your case. After you file bankruptcy, you will be required by the court to provide an accurate and complete accounting of your debts, as well as your assets. This allows the court to determine if you are eligible to file bankruptcy and if you will be required to repay your creditors.

Failing to have your financial documents in order can make it more challenging to collect the necessary documentation and information. This can result in unnecessary delays and make it harder for you to obtain the relief you need.

Learn as Much as You Can 

People automatically assume that if they file bankruptcy, their debt will be discharged and they will not have to repay it. This may be true, but it also may not be. There are different types of bankruptcy and it is important to learn what these are. This is the only way to determine which type of bankruptcy you should file, and which type you are eligible for.

Consider Alternatives 

While it is true that filing bankruptcy has many benefits, there are some drawbacks, as well. For example, a bankruptcy will remain on your credit report for seven to ten years, which can make it harder to obtain loans, and perhaps even employment. Consider alternatives such as speaking to a financial advisor or debt consolidation before determining if bankruptcy is the right choice for you.

Attend the Credit Counseling Course 

There are many requirements you must fulfill when filing bankruptcy. One of these is attending a mandatory credit counseling course. The course is intended to help you create a budget, assess your debt options and help you manage your finances to prevent a future bankruptcy. You must complete this course before you file for bankruptcy. Failure to complete such a course can result in your case being dismissed, so it is imperative that you meet this requirement.

Contact Our Bankruptcy Lawyer in Orlando Now 

You are not required to work with an Orlando bankruptcy lawyer, but it is always recommended. At Anderson & Ferrin, P.A., our experienced attorneys can advise you of the most recent bankruptcy laws, explain the different types of bankruptcy, and help you determine which one is right for you. Call us today at 407-412-7041 or contact us online to schedule a consultation with our experienced attorney and to learn more about how we can help with your case.

Source:

uscourts.gov/court-programs/bankruptcy/bankruptcy-basics