Bankruptcy is neither the end of the world nor should it be taken lightly. Bankruptcy is something you should research, weigh heavily, and plan for in the weeks and possibly months before you finally decide to file.
Unless your financial difficulties happen suddenly, there are a few things that every debtor should consider and do before signing the paperwork and filing for bankruptcy. These steps include the following:
Before printing out the paperwork and finding all your documents, you should consider every option available that could ease your financial woes. For example, is a second job feasible? Can you pay down some of your debts by cutting your spending in some areas? Can you look into lower interest rates or terms for your credit cards? If medical bills are the problem, can you speak with the hospital or provider to work out a payment program? Can you start paying for needed items in cash? Can family or friends help you out if the financial problem is temporary in nature? You get the idea: look for any means to alleviate your financial burden before you take the step of filing for bankruptcy.
Two of the major causes of bankruptcy are medical bills and credit card debt. If your problem is the latter, you may want to consider some sort of credit or financial counseling. This type of counseling can help you examine alternatives to bankruptcy and create a customized plan to get you out of the red. Be sure to choose a reputable company that can examine all of your debt and work with your creditors to see if some of it can be forgiven or if a payment plan can be worked out.
Whether you ultimately decide to file or not, preparing the paperwork can help you. Gather all of your bills and examine what can be cut and what you deem as necessary. Seeing all of your finances laid out can help you not only see the “big picture” but also in the event that you do decide to file, you will have all the needed documents on hand.
Bankruptcy lawyers know their stuff. The specialists at The Law Office of Barry R. Levine can examine your situation and determine whether bankruptcy is the right fit for you or not. Levine Law can look at your documents and see if you pass the means test required for Chapter 7 bankruptcy, or determine if Chapter 13 would be a better option for your unique needs. Call the Law Office of Barry R. Levine today by phone at 978-922-8440, or visit our website at http://levinelawoffice.com.