Debt is an overwhelming and stressful experience, one that is dreaded by anyone on the edge of financial hardship. When debts pile up and collection calls begin, it can feel as if your options are running out. While filing for bankruptcy can be a good way to resolve your debts and get back on track, there are some things to consider before finalizing the paperwork.
Are You Ready?
Bankruptcy is often a decision that takes time for many people. Although most people don't rush into the decision to file for bankruptcy, it doesn't mean that they have exhausted all of their options. Debt negotiations can also be effective in helping lower payments and get debts paid off without the need for bankruptcy. However, few people ever examine this option before filing. It is important to be sure that you are ready for the bankruptcy process because there are several aspects of the process that could hinder your outcome if you are not fully prepared.
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Bankruptcy laws outline specific rules for how debts and assets are to be managed prior to and in bankruptcy. Changes in your income, debts or assets within 90-180 days of filing could have a significant impact on the outcome of your case. Your income is one of the biggest determining factors in whether or not you qualify for bankruptcy. Acquiring more income or inheriting money prior to filing could disqualify you from the case. While it is never advised to stop paying your debts, paying off debts or paying too much towards the debt could also disqualify you from being eligible. Assets are another issue of concern. Moving, selling or giving away assets prior to filing could be considered fraudulent and lead to serious consequences.
Are You Informed?
The bankruptcy process can be complicated and there are several things you will be required to do in order to have your debts successfully discharged. Knowing what to expect before you file can help you prepare your documents and understand how to navigate the process effectively. First, you will be required to complete a bankruptcy petition. This document includes an extensive list of your financial details including your debts, assets, income, funds and financial transactions. It is important that you are as detailed as possible and be prepared to show proof of your finances. Next, you will be required to pay the necessary court fees. This can be done easily through a bankruptcy lawyer or at the court directly. Last, you will be required to participate in a credit counseling course. This 90 minute course will provide information about money management tools, using credit wisely and how to follow a budget. Failure to complete any of these steps could lead to your case being dismissed and you without debt resolution.
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