There are numerous misconceptions and myths associated with bankruptcy that prevent many people in need from benefiting from the process. Although the process is not inherently difficult, there are many that still find the process to be challenging. In fact, it isn't uncommon for people to file unsuccessfully or have their case dismissed due to a missed step of the process. This makes it all the more important that consumers get educated about the process and understand the requirements before filing their case. The best way to maximize success is through preparation.
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Organize
One of the most daunting tasks associated with the bankruptcy process is filing the initial petition. The petition requires lots of detail about financial aspects of a consumer's life. Due to the important nature of this document, it is extremely important that the information be 100 percent accurate and complete when the case is filed. Any discrepancies or missing information may lead to a case dismissal or suspicion of fraud.
Before filing for bankruptcy it is important to organize all documents and details about your financial life. This includes information about debts, assets, bank accounts, retirement or benefit accounts. You may also want to organize previous tax returns and paycheck stubs in order to document your income and tax liabilities over the last few years.
Clarify
Although many people are anxious to find debt relief when they enter the bankruptcy process, rushing through steps can be a costly mistake. Besides the petition, there are several aspects that a consumer should clarify before they proceed with filing their case. For example, filing for Chapter 7 bankruptcy requires that consumer meet strict income standards. If a consumer rushes into filing for Chapter 7 before they have considered whether their income qualifies, they may find their case is denied. Further, entering bankruptcy before considering the nature of your debts and assets may place certain aspects of your property at risk for liquidation.
The best way to clarify key information about your bankruptcy case is to seek counsel from a qualified bankruptcy attorney. An attorney can review your information and determine the likelihood that you will qualify for certain aspects of bankruptcy and whether or not any of your assets may be at risk during the process. Even if you choose to pursue bankruptcy on your own, it is always a good idea to have at least one consultation with an experienced attorney. It could be the difference between a debt discharge and a debt dismissal.
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