When an individual find themselves swimming in debt, it is then that they realize that bankruptcy is the only available option. There is a list of do’s and don’ts that you need to follow if you are planning to file for bankruptcy.
If you think you might file for bankruptcy, never incur a new debt before filing. It might get difficult to discharge a debt that you might incur just before filing. Filing bankruptcy before a repossession or a foreclosure is a better option. Failing to do so might result in permanent loss of property. Remember not to pay family members money. Don’t pay anyone a large lump sum amount other than any regular monthly payments. Don’t make any huge charges on your current credit cards. And don’t make any unusually large charitable gifts.
The first thing you need to do is contact an attorney immediately after filing. You can also contact Recovery Law Group from Los Angeles & Dallas, TX for the same. Contact – (888-297-6203). Make sure you have filed all of your tax returns, and make sure you maintain payments on all the property you wish to keep. Copies of the bills received and payslips should be kept for your attorney. Arrange for copies of the last 2 years of tax returns. Keep copies of all the legal documents received. If you have any kind of inheritance issues or civil actions make sure to speak with your attorney beforehand.
Though bankruptcy seems very simple, it is complicated. Always have a guide when you file. Since they are experienced, they will be able to tell you what is right and what is wrong from the beginning.