The Do's and Don'ts of Filing for Bankruptcy

Facing bankruptcy is never easy, but you can take steps (and avoid others) to make the legal process less overwhelming. In fact, what you do immediately before filing can be just as important as how you navigate legal proceedings. If you want to take the first step toward a debt-free future, follow these guidelines.

Bankruptcy “Do's”

  • Take a step back and relax. Any financial hardship is stressful, and filing for bankruptcy can be scary. Before you start the bankruptcy process, focus on the positive aspects of filing, such as no longer being afraid to pick up the phone and talk to debt collectors. Even if you’ve heard about bad experiences with bankruptcy from other people, these situations don’t have to apply to your unique situation.
  • Ask your attorney questions. The key to a successful bankruptcy is asking the right questions. Make sure your lawyer understands every facet of your financial circumstances. The most important thing is to always be honest; do not conceal any information from your attorney, even if it seems embarrassing.
  • Handle the paperwork. If your lawyer needs financial documents, make sure you provide them. The sooner you can yield the information your legal counsel needs, the faster you can move toward a secure financial future. Additionally, only provide information that is 100% accurate, to the extent of your knowledge.

Bankruptcy “Don’ts”

A simple mistake during the bankruptcy process can affect your case and your life for many years. Here are a few things to avoid before you file:

  • Loaning / giving money to your friends or family members
  • Incurring additional debt on credit cards / borrowing money
  • Failing to mention certain assets or valuable property
  • Transferring the title of your car to someone else

If you’re looking for legal guidance during the bankruptcy process, speak with a Southern California bankruptcy lawyer from Wadhwani & Shanfeld today.

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