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Waiting too long and other bankruptcy mistakes

| Oct 4, 2018 | Uncategorized

Substantial debt may play a major role in your worst nightmares. Unfortunately, it plays a role in your waking life, too. While you certainly hope that one day you will have the ability to get out from under your outstanding balances, you may feel that you do not have the financial stamina to make the payments necessary to relieve yourself of that debt.

Fortunately, other options for debt relief exist other than having to pay back creditors on your own. Bankruptcy is often a viable route for many Texas residents facing overwhelming debt issues. However, you may also be among the many people who feel that bankruptcy causes more harm than good.

Waiting may not help

You may want to consider your other options before filing for bankruptcy, and while you have the right to do so, putting off filing may not work in your best interests. If you do not have a valid reason to believe that your financial troubles will improve immensely soon, waiting to file may also lead to more accumulated interest and additional financial woes. Of course, in order for bankruptcy to effectively help your situation, you need to avoid mistakes in filing.

Common mistakes

You may still find yourself on the fence about bankruptcy, but if you decide to file, you may want to keep the following common mistakes in mind:

  • Errors in paperwork: Filing for bankruptcy involves a considerable amount of paperwork. You will need to provide financial information and declare your debts and assets on your bankruptcy schedule, and any missing or incorrect information could prove costly.
  • Failing to declare all your debts: When it comes to listing your debts, you need to include them all. If you do not know all of your debts or to whom you owe, you may run the risk of not having them discharged due to failing to disclose them.
  • Failing to meet federal bankruptcy criteria: In order to move forward with bankruptcy, you will need to complete credit counseling and go through debtor education classes. If you do not meet these requirements, your bankruptcy case may prove unsuccessful.

Fortunately, you could avoid these and other common mistakes if you have the right information and assistance. Filing for bankruptcy may seem intimidating, but it may be the course of action you need to relieve yourself of your debt-filled nightmares and reality. Speaking with an attorney may help you better understand this option and how to qualify.