What to Take Care of before Filing for Bankruptcy
Sometimes, debts can become overwhelming and far too much to handle. When what you owe far exceeds how much you can pay off each month, then you need to take strong and immediate action to resolve this situation. One of the best ways for you to regain control over your finances is to file for personal bankruptcy. Many people turn to bankruptcy as a method of debt resolution.
You should fully evaluate your finances before filing for bankruptcy. Some people, after further examination of their debts and incomes, realize that they can resolve their debts without filing. If you are considering filing for Chapter 7, then the Bankruptcy Abuse Prevention and Consumer Protection Act may affect you. If your monthly income is above the median income for your state, then you may not be eligible for Chapter 7. You should prepare yourself for a Chapter 13 filing, as well, just in case.
If you believe that you are ready to file for bankruptcy, there are certain measures you can take in order to best prepare yourself for what you are about to face. By taking the following steps, you can expedite the filing process:
Make lists of your secured and unsecured debts
Gather copies of your deeds and car titles
Compile your tax returns for the past few years
Get a copy of your current credit report
List your exempt and non-exempt property (Chapter 7 filers)
By doing the above, you can best prepare yourself for a smooth bankruptcy filing.
If you would like to speak with a qualified bankruptcy attorney about the steps you should take before filing for Chapter 7 or Chapter 13 bankruptcy, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC today at (205) 324-4000.