I read a great article on Bankrate.com today. It laid out a few tips on preparing to file for bankruptcy. As a bankruptcy lawyer with over 25 years of experience, I have much of the same advice for my clients who are considering bankruptcy. Let’s look at the tips provided by Bankrate, and discuss the best way to prepare to file in Centennial, Aurora, or Littleton.
Are You Considering Bankruptcy?
The decision to file for bankruptcy is a big one, but it shouldn’t be overwhelming. Bankruptcy is a legal right that many people don’t think they should take advantage of. This is unfortunate, because both Chapter 7 and Chapter 13 provide the best way for good people to deal with unplanned overwhelming debt. If you are struggling to make ends meet, it’s better to take a real look at your finances before your wages start being garnished. Ignoring the signs you are in too much debt will only cause future heartache and stress. Here are a few tips on how to best prepare for filing.
1.Don’t Put it Off
The Bankrate article puts it this way: “Don’t be an ostrich and stick your head in the sand.” I couldn’t agree more. Failing to take action when your finances are getting out of control will not help you. Instead of being afraid to take a close look at your finances, be honest with yourself about your need to get legal help by filing for bankruptcy.
2.Keep Your Bank Accounts Low
According to the article, it’s much easier for creditors to levy bank accounts than in the past. They can view your credit report and see credit inquiries, then look for banks near where you work. Then, all they have to do to levy or garnish your bank account is to provide a judicial order authorizing the levy to your bank’s corporate office. If you have all your rent money in that account, it could be garnished or levied. And, filing for bankruptcy later doesn’t mean you will get your money back after it is taken.
3.It’s Tax Season: Be Careful
February through April is tax season. During this time, creditors can become aggressive, because they know you’ll likely be getting a tax refund. These refunds are deposited directly in your bank account. If your bank account is levied, you could lose your return.
4.Start a Payment Plan with the Creditor
It’s wise to simply file for bankruptcy if you can’t pay your bills, but if you need to wait to file, it is wise to try to reach a payment plan agreement with a creditor. It’s important to do this so your bank accounts don’t get garnished, or your wages don’t get garnished.
5.Contact a Bankruptcy Lawyer Now
Even if you have a million excuses about why you don’t want to file for bankruptcy, it’s wise to contact a knowledgeable bankruptcy lawyer now. You’ll have more information so you can make an informed decision, and if you decide to file for bankruptcy, you’ll be prepared.
Does it Seem Daunting to File for Bankruptcy? Contact a Lawyer Now
Don’t give up before you begin – most people wish they had taken action earlier.
If it seems daunting to file for bankruptcy, don’t give up before you begin. Most of my clients wonder why they didn’t start the bankruptcy process sooner after they have received their discharge. The stress that comes from constant worrying over the bills piling up, wage garnishment, and bank account levies is immeasurable. People who are struggling financially don’t sleep as well. They aren’t able to focus on the good things in life, like family, church, or hobbies. Think of the freedom you’ll feel when you no longer have to worry about your insurmountable debt. As an affordable bankruptcy lawyer with over 25 years of experience, I can help you accomplish this freedom. Filing for bankruptcy with an expert attorney guarantees you get the best fresh start possible by taking advantage of exemptions. Whether you live in Aurora, Greenwood Village, or Littleton, don’t go through this process alone – have a lawyer by your side who will help you overcome your debt.
If you are preparing to file for bankruptcy and need advice, contact experienced bankruptcy attorney Barry Arrington for a free consultation at 303-205-7870.
He will help you get the best fresh start possible.