Tips for a Successful Bankruptcy Experience


January 27, 2017

When you are in financial strains and filing for bankruptcy, you want the process to go as quickly as possible. There are few things you should know that will help make the process relatively painless. Here are some tips for a successful bankruptcy from a Florida bankruptcy attorney.

Tips for a Successful Bankruptcy From a Florida Bankruptcy Attorney

Tell the Truth

Tell the truth to your attorney, to your paperwork, and of course to yourself. Do you really need the help? If you are unsure if you should be filing for bankruptcy, consult an attorney immediately. It could be that you need some financial negotiations, but could handle your finances without filing for bankruptcy. This doesn’t mean that you are alone or should not seek assistance. Just go into the bankruptcy knowing fully well what the outcome maybe and have a back-up plan in place.

Besides being honest with yourself, you also need to be honest with the people involved in your bankruptcy. Make sure your lawyer knows all necessary information, and don’t lie on any paperwork in court. Many people believe that by shielding areas of their finances, they will be approved for bankruptcy quickly, however, lying during the bankruptcy process can immediately disqualify you. You don’t need to volunteer information that is not requested, but make sure you provide all necessary financial records and answer all questions honestly.

Get Organized

Filing for bankruptcy is going to require a great deal of documentation. The best thing you can do is to get organized. If you don’t have copies of your tax returns for the last three years, contact the preparer and arrange for copies. Make sure all your financial paperwork is in order and request duplicates as needed. You want to ensure that your paperwork is clear, concise, and organized. When you have everything you need, then you are ready to file. If you are not sure which financial information you’ll need, ask a Florida bankruptcy attorney.

Understand the Types of Bankruptcy

There are two main types of bankruptcy. One is a payment plan and one is a complete bankruptcy. Understand the ins-and-outs of both these types of bankruptcy and determine with the help of counsel which one is best for you. Once you know what your goal is, you can prepare for the post-bankruptcy organization and financial commitments you will need to uphold. It also helps you figure out whether you will pass the means, what a test that determines what you can afford.

Filing for bankruptcy can be complicated, but it is sometimes necessary to keep you on track financially. If you are thinking of filing for bankruptcy, follow these tips and you should have no problem receiving your answer in a timely manner.

Source: The Balance

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