What Do I Do Before Filing Bankruptcy?
Let a Schaumburg Bankruptcy Attorney Help You Prepare
After you have made the decision to file for bankruptcy, there are more decisions to make. You need to decide what you are trying to accomplish with your bankruptcy. For example, do you want to keep your home? Would you rather walk away from a car that is worth far less than what you owe? Can you still get credit afterwards? Is there a right time to file?
Factors to Consider Before Filing Bankruptcy
Filing bankruptcy is a difficult decision for most people, but it is often the right decision when you owe far more than you can ever pay. At U.S. Law Attorneys, Ltd. in Schaumburg, Illinois, and Camp Springs, Maryland, we will work with you to make sure your bankruptcy filing meets your unique needs and circumstances. The goal? Getting your life back on track. Consider the following:
- What assets do you want to keep and protect? What assets are you able to let go? Make a mental list.
- Are there any assets with loans (cars, real estate, boats, etc.) that you no longer want to keep?
- Make a mental list of all creditors and how much you owe. Be sure to include all creditors, not just those on your credit report.
- Do you have a hospital bill that is in collection? How about a cell phone or credit card bill?
- Do you share a bill with someone else? Did you co-sign or co-guarantee anyone’s loan? Do you have a personal loan from a relative or friend? Remember every debt.
- Do you owe taxes too? Is there an IRS lien?
- Is this an emergency? Is there a court appearance soon? Is there a court deadline?
- You must take a 1-hour course in bankruptcy debt counseling. It is required before you can file. We can recommend courses you can take in person, on the phone or online.
- When you have made a decision to file, you may (if you choose to) tell your creditors and give them your attorney’s name and phone numbers. Collections and phone calls will end.
Why Do You Need a Lawyer to File for Bankruptcy?
That’s another decision you need to make — hiring the right attorney. You can file bankruptcy without an attorney (pro se), but you will not get guidance about your rights, and you could make costly decisions without all the necessary information. Bankruptcy petition preparers try to fill out paperwork, but they know very little about the law and your rights, and may not know how to correct or amend their mistakes.
Filing bankruptcy is an important decision. Make sure you have experienced legal advice from a Schaumburg bankruptcy lawyer so that the process is done properly with no loose ends that can cause problems later. At U.S. Law Attorneys, Ltd., we represent clients in Illinois, Wisconsin, Indiana, Maryland and Washington, DC.
Don’t try a quick fix. When both your financial present and future matter, do it right. Hire a qualified Schaumburg bankruptcy attorney. Take care as you make your bankruptcy decisions. Contact us for a free consultation.