Pre-Bankruptcy Planning & Post-Bankruptcy Success
To enjoy the fruits of personal bankruptcy, you should consider carefully understanding your present financial condition as well as your hopes for life after bankruptcy. Although your bankruptcy attorney can help you effectuate a legal solution to your financial problems, only a well-considered plan will keep you from facing insolvency in the future.
Debtors should be aware that there’s really only one shot in the bankruptcy gun; you don’t want to miss. The Bankruptcy Code provides that consumer debtors may receive a discharge of their personal debts only once in a seven-year period. In this way, creditors are protected from debtors receiving multiple, frequent discharges. Debtors, therefore, must take care to make sure that all appropriate debts are discharged – and that they are prepared for living for an extended period with the benefit of bankruptcy.
How should you prepare for such a length period without the availability of bankruptcy? Talking to a trained, experienced, and devoted bankruptcy attorney is a good initial step. As you prepare for these next steps, it’s important to understand what property is exempt from your creditors’ reach, what transfers the law prohibits you from making, and what it takes to live within your means for a multi-year stretch.
Post-bankruptcy success is available to you, but for many debtors, it takes sound pre-bankruptcy planning. To know decisions you should make, when you should make them, and what legal and financial issues you should consider, talk to the bankruptcy professionals at Fears Nachawati today. With years of experience and dedicated expertise, we know how to answer your questions, protect your legal interests, and increase the likelihood of your success. For your free consultation, talk to us today.