Prepare for Bankruptcy Filing: Take These Steps

San Diego Bankruptcy Attorneys – Filing for a Chapter 7 or Chapter 13 bankruptcy is never an easy decision. It can be even more stressful if you are trying to figure out what your bankruptcy attorney needs and how take the steps that will get you on your way to a fresh start on your finances. It might be easiest if you think of it as if you are planning to go on a trip. In order to plan for it, you need to figure out what you will be paying for travel, food, lodging, and all the incidentals that go with it. Bankruptcy is much the same. Before seeking the advice of a bankruptcy lawyer, it is best to know what you need to know and prepare. Many clients who come into Thompson | Wedeking here in San Diego are unprepared, and don’t know what they need or what to expect.

Here are a few guidelines. First off, seeking debt relief is not a free process: you need to plan for how you will pay the necessary fees. For instance, for Chapter 13 bankruptcy filings, the courts charge a $235 case filing fee and a $46 miscellaneous administration fee, that must be paid in order to bring your case to court, so that you can enjoy the protections afforded under the law. Next, review all you income and expenses with the help of your San Diego bankruptcy attorney. We realize that this is a stressful and complex process, and that you might be reluctant to delve too deeply into the details of your financial woes, but you must be as thorough as possible. Gather together all the documents related to your financial situation. This might include loan documents, bank statements, legal judgements or lawsuits, credit card statements, and notices of foreclosure. Documents related to pending lawsuits or foreclosures are especially important.

You and your attorney will review to whom you owe money and how much is owed, as well as collateral associated with your debts, and your assets. Your bankruptcy lawyer has many years of experience, and can help you to go over all your records and determine the roots of the problem. The most common problems that send clients to our offices are issues such as loss of income, medical bills, and overspending.

Rank the importance of the things you own. We realize that you become attached to these items, but you need to take a hard look at what assets are the most important to you, and which are the easiest to let go of. Be realistic.

Last but not least, do some up-front research on bankruptcy. We recommend that you download a free copy of our eBook: The California Guide to Bankruptcy from our website. It will fill you in on the important details of the things you need to know about filing for debt relief in California. Then, don’t hesitate to give us a call at 888.590.1773 to speak with one of our skilled bankruptcy attorneys and receive a free evaluation of your specific situation. The sooner you take action, the sooner you can achieve relief!

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