Choose, Gather, List, and Complete: How to Prepare for Bankruptcy

Finding yourself in need of filing for bankruptcy can be shocking and overwhelming. However, preparing for bankruptcy doesn’t have to be stressful. Just remember four helpful words” choose, gather, list and complete.

Choose, Gather, List, and Complete: How to Prepare for Bankruptcy

Choose

The most important choice to make in a bankruptcy is the bankruptcy attorney. You want someone who is skillful and dependable.  One of the first things that you may do when overloaded with thoughts and information is an online search for bankruptcy attorney near me. This can be an excellent starting place! Continue to a lawyer’s website after the search, look over testimonials and “meet” the attorney through details given on the webpage.

Gather

You’ll want to gather important documents that will be needed as the bankruptcy continues. Your lawyer will give you a complete list, but some things to start gathering together are previous years’ tax returns and proof of current income, such as pay stubs. You will also want to get together your current expenses and debts. Depending on which chapter of bankruptcy you are filing, you may need to collect more documents, but this is a good starting point.

List

Make a list of all the large assets that you have. Some examples of personal and business assets that you may own and want to place on the list are:

  • Vehicles
  • Properties
  • Investments
  • Expensive household items

Your attorney will tell you which assets you need to list and also which ones you retain in the bankruptcy and which ones will be liquidated.

Complete

As part of the bankruptcy proceedings, you will be required to complete credit counseling and debtor education courses. Your lawyer may have insight into the best ones in your area. The credit counseling needs to be completed before you file, so begin with that one first. 

As you can see, preparing for bankruptcy isn’t cumbersome when you stick to some basic steps. The most powerful thing you can do is find a local bankruptcy attorney and follow the advice and instructions given. Trust the process and you may be surprised how uncomplicated the task can be!

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