If you are facing serious financial difficulties, filing for bankruptcy may be the right solution. A bankruptcy can be a practical way out of an unfortunate financial situation—it gives many people the opportunity to begin their lives again and reclaim their financial independence.
If you are considering bankruptcy, here are a few do’s and don’ts you will want to know as you begin the process.
Bankruptcy Do’s
- Do seek guidance from an experienced Atlanta Bankruptcy Attorney—Facing financial troubles can be difficult enough, so if you decide to file for bankruptcy, make sure you have a skilled bankruptcy attorney by your side. An attorney will give you proper counsel and guide you through the bankruptcy process to help you get back on your feet. At The Ballard Law Group, we offer a free bankruptcy consultation to help you determine if bankruptcy is the right step for you.
- Do tell your bankruptcy attorney everything—Sometimes talking about your finances can feel embarrassing. However, withholding information from your attorney can cause problems in the bankruptcy process. Make sure you list all your debts accurately. Tell your attorney everything about your financial situation, including letting them know about pending lawsuits or wage garnishments, so they can work to find the best solution for your case.
- Do keep careful record of your financial documents—In a bankruptcy proceeding, your attorney will need access to your tax returns, pay stubs, bank statements, and billing statements from creditors. Having these documents on hand is a great help to your attorney.
- Do keep paying bills on assets you want to keep—If you want to keep your home or another asset such as a car, make sure you do stay current on your payments. It’s also important to keep your home and cars insured even while going through bankruptcy.
Bankruptcy Don’ts
- Don’t rack up your credit cards—Filing for bankruptcy doesn’t mean you can get away with excessive spending right before you file. If you are planning on filing for bankruptcy, you need to stop using your credit cards. Certain credit card debt may not go away with your bankruptcy if was for frivolous expenses right before you filed.
- Don’t transfer your property to another person—In a bankruptcy action, you must be completely honest about your assets. If you try to hide your property by transferring it to someone else, this could cause major problems. You could lose that property or even face accusations of bankruptcy fraud.
- Don’t talk to your creditors—When you file for bankruptcy, your creditors should leave you alone. However, if they try to harass you, direct them to your attorney. Your attorney can speak with creditors about your debt.
- Don’t Panic—The idea of filing for bankruptcy can seem daunting and difficult. However, don’t panic. With a skilled attorney by your side, bankruptcy can be a means to help you during an overwhelming time. You will be guided every step of the way as you work to regain control of your financial situation.
Filing for bankruptcy should not be met with shame—it may be the practical solution to your financial difficulties that you are looking for. The Ballard Law Group offers a free initial bankruptcy consultation so that you can make an informed decision based on your situation. Call us today at (404) 800-9939 to schedule your free initial consultation at either our Atlanta or Lawrenceville office.