3 Things To Do Before Filing For Bankruptcy

Financial burdens can create a significant amount of stress in the lives of consumers. If you find yourself struggling to repay your debts each month, then you may be considering bankruptcy as a viable option.

Before you make the decision to file for bankruptcy, there are some important steps you must take to prepare for the bankruptcy process. Here are three things you should do before filing for bankruptcy in the future.

1. Obtain a copy of your credit reports.

As you try to determine if bankruptcy would be a good tool to help you get out from under your financial burden, it can be helpful to have a current copy of your credit reports. Your credit reports will provide you with a list of all your open accounts.

You can see your balances, as well as how behind you are on your payments. Using your credit reports to compile a list of your debts will help you gain an accurate understanding of your financial situation so that you can more easily evaluate how bankruptcy will affect your financial future.

2. Complete a credit counseling course.

Once you are aware of your current debts, it can be helpful to work with a credit counseling advisor to determine how to best go about tackling your debt. The advisor will be able to evaluate your debts as well as your sources of income to see if you can increase the amount of money you are able to put toward repaying your debts each month.

Completing a credit counseling course will help you better create a budget for the future, and it is also required before filing for bankruptcy so you will be preparing for the bankruptcy process by taking a credit counseling course.

3. Schedule a consultation with an attorney.

After you have completed your credit counseling course, you will have a better understanding of how bankruptcy can help you gain control over your financial future. If you determine you want to proceed with a bankruptcy filing, you should schedule a consultation with an experienced attorney.

The attorney will be able to review the bankruptcy process and answer any additional questions you may have on how filing for bankruptcy might affect your financial future.

Preparing for bankruptcy can be challenging, but there are some simple things you can do to streamline the process. Obtain a current copy of your credit reports, complete a credit counseling course, and meet with an experienced attorney as you prepare to file for bankruptcy in the future.