If you have been struggling with significant debt, you may want to consider filing for bankruptcy. Becoming bankrupt should only be looked upon as a last resort because of the difficulties it may bring to you as a consumer. Before you decide to file, it is important to know how to assess your finances, prepare all of the necessary paper work and invest in a Dayton bankruptcy lawyer. If you have become laden with a great amount of debt, here are some useful tips for before you file for bankruptcy.
Analyze Your Finances: Is Bankruptcy Right for You?
Many people believe that since they have a few substantial loans and are struggling with payments that bankruptcy is the right option for them. The truth is that becoming bankrupt is a risky decision and isn’t right for everyone. Some signs that you should file are:
- Your bank account was frozen or your wages were garnished
- A law suit is being filed against you
- Most of your debt is from credit cards or other unsecured loans
- Debt collectors are calling your home often
Complete all the Requirements Necessary for Bankruptcy
Bankruptcy requires a lot of preparation. Your attorney will notify you of the many documents and steps necessary, but there are some things that you should get started on as soon as possible. For example, bankruptcy requires documentation that you completed a government-approved credit counseling program. You should also request a credit report so that you are aware of every creditor you owe because you do not want to have remaining debts to pay after filing.
Know Your Spending Habits
In order to prevent accumulating unnecessary debt after you file for bankruptcy, you should be informed of how you handle your money monthly. The best idea is to keep a log of your daily expenses and track how much you spend compared to your income. After a month, you should be able to see if you need to cut down on certain expenses or devote more money to bills and other payments. If you understand how much money you have available it will be incredibly easier to avoid piling up debt again.
Choose the Right Attorney
A professional, experienced attorney will help make the filing process run smoothly. It is not recommended that you file for bankruptcy without a lawyer because you could file without having to or still be left with adequate debt after filing. An attorney can help you decide if you are making the right decision, advise you of the benefits and consequences of becoming bankrupt and effectively represent your case. Chris Wesner Law, LLC is an excellent example of a legal service that will cater to your specific needs. Communication to their clients is a top priority and you can be confident that your case will be properly represented. With affordable rates and a personally dedicated attorney such as Christopher L. Wesner, filing for bankruptcy in Ohio could never be easier.
If you are considering filing for bankruptcy or would like to learn more about our legal approach, don’t hesitate to contact us today. We would be happy to assist you with any questions you may have about our services.