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5 tips for a successful bankruptcy

Whether it is due to a monetary emergency or an unending stream of mounting debt, individuals can quickly find themselves facing financial peril. From job loss to a medical emergency, thousands of hardworking Americans face challenging financial situations every day. Fortunately, bankruptcy exists to allow people to find a path to a stable future.

When you decide that bankruptcy is the best option for your future, there are some things you can do to ensure the process runs smoothly and efficiently from start to finish.

  • Don’t wait too long: It’s a natural reaction to attempt to fight your way past financial troubles. Unfortunately, only a small percentage of people can solve their issues and move on. It is better to thoroughly analyze your finances and fully understand when it’s time to file for bankruptcy.
  • Understand there is cost involved: While filing for bankruptcy is a path to a brighter financial future, the legal process could end up costing several thousand dollars based on the complexity of your unique situation. It is wise to save some money so you can pay to get the process started.
  • Gather all pertinent information prior to your bankruptcy: Discussing your situation with an experienced bankruptcy attorney could be an overwhelming undertaking. The best scenario is to be over-prepared for every meeting.
  • Understand the types of bankruptcy: Different situations require different solutions. The two most common forms of bankruptcy are Chapter 7 and Chapter 13. Based on your unique financial situation and your needs, you will likely have to choose which path you’d like to explore.
  • Be honest: Whether you are ashamed of your situation or attempting to embellish your debts for a bigger outcome, you must fight the urge. The best course of action is to be 100% honest every step of the way. Anything short of that could mean that your bankruptcy is rejected and you are in an even worse financial situation.

Bankruptcy can be a difficult decision for many people to reach. Fortunately, legal professionals are available to guide you through the process. Follow these tips to help the process run smoothly from start to finish while also preparing for the future. Don’t forget to build a budget and closely monitor your credit report when your bankruptcy is complete so you can begin rebuilding your credit score.