Important Considerations For Individuals Filing for Bankruptcy

Bankruptcy Law

There are a number of reasons you may be considering filing for bankruptcy, including to end financial difficulties, rebuild your credit rating and make an all new start with the financial stability you did not have in the past. Filing for bankruptcy makes for a viable solution for any person who:

  •   Has the majority of debts as unsecured loans, i.e. credit cards, doctors’ bills, etc.
  •   Has had their wages garnished and bank accounts frozen after judgments.
  •   Have debt collection agencies calling them at both home and work.
  •   Has had any lawsuit filed against them.

The prospect of filing for bankruptcy may be a bit overwhelming, but you do not have to face it alone. Hire a Bankruptcy Attorney in Wellington FL area will help you to navigate through the process, alleviating some of the stress you experience. Some other tips to help ease the bankruptcy process are offered here.

Avoid Forgery

Many people that file for bankruptcy will qualify; however, what happens to the individuals who do not qualify? There are some that will decide to file anyway, even if they have to resort to forgery. This can include hiding information regarding assets and their income. If this occurs, it may result in the case being completely dismissed and the person filing not able to ever file bankruptcy for the debts affected. Honesty is essential when you are filing for bankruptcy.

Evaluate Your Current Financial State

You should realize that bankruptcy does not offer a “quick fix” solution for all types of financial problems. You need to understand what your actual expenses are, as well as your debts and income. Even if you may decide to file bankruptcy anyway, you need to know the steps can be taken to help you avoid having to do so down the road. These are important considerations to ask prior to filing for bankruptcy.

Do Not Exclude Your Income – Even Small Amounts

There are many filers that believe a second job or part-time job will not count as a source of income. However, this is wrong and you need to include all sources of household income you receive. If you want to have a successful outcome for your bankruptcy case, it is essential to include all sources of income, no matter how small.

Obtain a Copy of Your Current Credit Report

Prior to filing for bankruptcy in Wellington FL, you need to obtain an accurate name of all the different creditors that you currently owe money to. Just because a creditor has stopped calling, does not mean that you no longer owe the debt. Filing for bankruptcy will provide you with legal protection in regards to your creditors. You will also receive the ability to keep assets including your car and home. Once you file for bankruptcy all threats of wage garnishment and harassment from debt collectors will cease.

Filing for bankruptcy can help you get back on the path to financial freedom; however, if the concept seems a bit overwhelming, consider hiring an attorney to help you through the process.