Those who are experiencing enormous debt may need to consider obtaining personal bankruptcy help. If you owe more than you can pay and are being constantly harassed by debt collectors, filing for bankruptcy may be a viable option. Here are five bankruptcy tips.
1. Analyze Current Finances
If you are interested in filing for bankruptcy, the first step is to calculate the total amount that you owe and the amount of money you are earning each month.
Before meeting with a local bankruptcy attorney at a Concord NC law firm, you should understand your current financial situation to ensure that you learn from your mistakes in order to have a promising future.
Obtain Credit Reports
After analyzing your current finances, you can proceed to request copies of your credit report from each of the three agencies. The information on the credit report will help you determine the debts that can be discharged.
Non-dischargeable debts can include taxes, child support/alimony payments, fraudulent debts, and students loans. Secured debt like mortgage payments and car notes are also non-dischargeable and must be paid.
3. Hire a Bankruptcy Attorney
Because the bankruptcy laws are complex, hiring an attorney can result in a smooth bankruptcy filing process.
A bankruptcy attorney can assess your current financial situation to ensure that filing for bankruptcy is the right option for you.
4. Inform Creditors and Debt Collectors of Bankruptcy Filing
Instead of avoiding collection calls, you can inform your creditors and debt collectors that you are in the process of filing for bankruptcy.
Provide creditors and debt collectors with your attorney’s name, phone, and your Chapter 7 case number.
5. Adhere to All Court Requirements
One of the pre-filing bankruptcy requirements is to complete a personal financial management course. These courses are offered by a government-certified counseling agency and can be relatively inexpensive.
The length of some financial counseling programs can be more than six months; therefore, you should enroll in one of these courses shortly after discussing bankruptcy filing with an attorney at a local Concord law firm.
Additionally, you should avoid missing meetings with your attorney and attend all court dates in order to decrease the chances of your case being dismissed.
Call our Concord law firm to receive a consultation with one of our local bankruptcy attorneys.