Preparing for Your Bankruptcy

March 31, 2013

If your financial house is crashing down around you, the time to act may be rapidly approaching. For many debtors, the old Boy Scout motto – Be Prepared – is an important mantra to remember. For personal bankruptcy, there’s no substitute for preparation. In fact, a prepared debtor may succeed even where a better-financed debtor may fail.

 

What should you do to prepare? Speaking to the dedicated, experienced attorneys and professionals at the law firm of Fears Nachawati should be at the top of your list. Nevertheless, not far down that list, you should also include organizing your personal financial affairs, retaining bank statements and credit card bills, and identifying all of your legal contracts, like rental agreements and car loans. For at least the last three months, you should know where your money came from and where it went.

 

Just as there are steps you should take, there are also things you shouldn’t do. You shouldn’t try to hide money, give it to family members on the condition that they give it back to you, or pay creditors you prefer rather than those you dislike. Likewise, you should not intentionally destroy certain property or evidence of obligations. And, of course, you shouldn’t “rob Peter to pay Paul,” such as transferring your debt from one creditor to another so as to saddle an unsuspecting lender. Again, at the top of the list, you should remember to talk to the knowledgeable professionals at our firm.

 

The attorneys at Fears Nachawati can help you prepare for your bankruptcy. Once you have a game plan, you’ll be able to face the coming months and years with greater confidence. Preparation is key to your success. Get started preparing today.

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