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Bankruptcy Advice From Our Provo Bankruptcy Attorneys

Will bankruptcy help you?

Many people these days that are facing towering amounts of debt, think that filing for bankruptcy is their one and only option. Our Provo Bankruptcy Attorneys advice recommends becoming aware of the challenges that bankruptcy creates before they make a decision.

 

Bankruptcy is not going to be helpful for everyone. The American Bankruptcy Institute recommends that bankruptcy be an option for people who:

–       Have debt collections calling at their home or work.

–       Have lawsuits filed against them.

–       Have had their bank accounts frozen after judgments.

–       Have most of their debts in unsecured loans, such as medical bills or credit cards.

 

Our Provo Bankruptcy Attorneys offer the following advice for those thinking of filing for bankruptcy:

 

  1. Evaluate your finances.Figure out what your total debts are. Look into what caused your financial problem and create a plan to how it can be avoided in the future.

 

  1. Get your free credit report.Most people think that because creditors have stopped calling, that they no longer have any debts on their record to pay. This is a mistake. If you do not include all creditors on your bankruptcy filing, you could go through the entire process and still owe thousands in debt. Go to www.annualcreditreport.com to get an accurate list of all creditors you owe.

 

  1. Inform ALL debt collectors and creditors.The Bankruptcy Law requires that all debt collectors must cease to try to reach you once a bankruptcy petition is filed.

 

  1. Get your credit-counseling certificate.In order to file for bankruptcy, you first need to obtain a certificate that you have successfully completed credit counseling. If you do not get the certificate in time, it could cause delays, so don’t wait!

 

  1. Get a Bankruptcy Attorney.Bankruptcy Laws are so complex, that it can be risky to file for bankruptcy on your own. Consult with a bankruptcy lawyer to make sure this is the right decision for you.