Know the Steps to Take Before Filing Bankruptcy

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If you plan on filing bankruptcy, most of the work will likely be left to one of thebankruptcy lawyers that you select. The sooner you finish the process, the sooner you can rebuild your credit. This means it is beneficial to know how to get started as soon as possible.

You might not be a financial professional, but you know your finances better than anyone. According to CreditCards.com, you should take the following tips into consideration before you begin filing bankruptcy:

  • Look at your income and expenses, and find ways to cut costs
  • Get a copy of your credit report to look at what creditors see
  • Ask friends and family for recommendations on bankruptcy lawyers
  • Inform collection agencies and creditors that you’ve started the bankruptcy process

Once you meet with your bankruptcy lawyer, you can together determine what your priority debts are. These are typically bills that have to be paid, such as taxes, child support, and alimony. Since they are not discharged in the bankruptcy process, they should be paid as soon as possible.

Finding a good bankruptcy lawyer might be difficult, but it is important. According to Money.Tips.Net,you should do the following when looking for a lawyer:

  • Go to free consultations
  • Shop around before selecting one
  • Ask for references from former clients

Just like anything, beginning the bankruptcy process is less stressful when you know what to expect.

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