The bankruptcy process is meant to be a tool of debt relief help for consumers suffering financial hardship. While much of the bankruptcy process is outlined by the court, there are still some things that require the attention of the debtor before, during and after a case. Here are a few considerations before you file for bankruptcy:
Consider all your options — there are several ways you could try to eliminate your debt problems, but they aren’t all equal nor are they equally effective. It is important to review the risks and benefits of all options like debt management, debt negotiations, debt consolidation and bankruptcy.
Consult an attorney — discussing your situation with a Houston bankruptcy attorney is your best chance at a successful bankruptcy for many reasons. One, they will ensure that bankruptcy truly is the best option for you before you file. Second, they are experts at what they do and know how to protect your property and deal with harassing creditors. Also, an attorney can offer you valuable services like credit repair after your case is complete.
Offer full disclosure — when discussing your case with your Houston bankruptcy attorney it is important to be completely open and honest about your income, debt accounts, funds and assets. Your attorney will need to know what your spending and earning habits have been like in the months leading up to your case. You may find that filing right away is best, or that waiting to file would better serve your overall goals.