3 Tips To Keep In Mind When Going Through The Bankruptcy Process

Filing for bankruptcy can be an incredibly big decision and you should never do it without compiling the right information. With this in mind, you'll want to be certain that you learn some critical tips that will help you prepare for your filing and make the right decisions along the way. To learn about a few tips that will help you make the most of your bankruptcy filing process, you should read this guide. From here, you will be able to speak to a Chapter 7 bankruptcy for further help. 

#1: Take Advantage Of A Credit Counseling Program As Soon As You Can

You should be mindful about fulfilling your credit counseling as quickly as possible. Taking advantage of credit counseling will allow you to not only proceed with the rest of the bankruptcy process, but will also teach you some vital tips to prevent you from having to file again. When you know that you are going to file for bankruptcy, you should work to receive this credit counseling certificate as quickly as possible, since it must be completed at least 6 months before your filing. By doing it quickly, you'll be in a good position to expedite your bankruptcy filing process. 

#2: Know Which Form Of Bankruptcy Suits You The Best

If you are seeking debt relief, it pays to learn what type of bankruptcy you must file for. Doing this will help you proceed with the correct information as it regards your financial future. The two options you have in front of you are Chapter 7 bankruptcy and Chapter 13 bankruptcy. With Chapter 7 bankruptcy, you are obligated to liquidate assets in order to pay off all of your debt. Some debts, such as education loans and tax bills will not be excused with Chapter 7 bankruptcy. Chapter 13 bankruptcy allows you to pay off your debt via a payment plan. 

#3: Understand What Questions To Ask Your Bankruptcy Lawyer 

Hiring a financial lawyer will allow you to get the protection that you need in order to file for bankruptcy. You should first and foremost ask your attorney about their fee and prior experience, making sure that you get a copy of their fee in writing. You should also shop between a handful of different bankruptcy lawyers (such as one from Schneider Steve, Atty At Law, for instance), so that you get the best representation for your particular filing. Getting a consultation and finding out how your most recent purchases might affect your bankruptcy filing will put you in a great position for securing a sound financial future. 

With these three tips in mind, you should be on the right path when filing bankruptcy.