Bankruptcy can be a valuable tool. Don’t be afraid to file it, just make sure you’re doing it right.
Hire the right attorney
It's easy to go and interview several attorneys, but it's up to you to ask the right questions and judge their answers. The right questions could be "Have you completed a bankruptcy like this before?" and "What's the strategy for not only filing but coming out of bankruptcy on top?"
Cheaper will often cost you more in the long run, avoid learning that the hard way. Eventually, you have to find an attorney who is familiar with handling cases like yours.
Know your judge
All judges are different. Some prefer their paperwork a certain way with file tabs; others don't. Each judge has their little nitpicky items.
Some judges are pro-creditor, and they tend to side with the ones that you owe money, some judges are pro-debtor, and they tend to side with the ones who filed bankruptcy. This information is essential for knowing what obstacles lay before you and how you can overcome them.
Create a plan before you file
Have your attorney walk you through figuring out a plan that would work for you. Talk to your lawyer about how to structure it and if it's feasible. Make a plan, something determining that if you sell this at this time, you'll be able to pay off your debts. It's okay if the plan changes, as long as you have the right blueprint from the beginning.
Don't play any games with bankruptcy courts
Believe it or not, the court is there to protect you. Make sure you treat it with respect. Don't try to sell personal property, hide assets, purchases, or pertinent details about your situation, because it could hurt your case and get your bankruptcy dismissed in court or you could face legal consequences. Be honest and forthcoming with the courts.
Plan for the down times
Don't forget to save money if everything is going well. You never know when the next economic collapse could happen. Save for down times as much as possible, even if it's only a little. It's always great to have reserves.
Use what you learned
Bankruptcy can be a difficult time, but, because of it, you can learn an enormous amount about how to forecast and evaluate your future correctly. Learn from your mistakes and do your best not to repeat them. Use your mistakes to become a better you. Plan better, and stay ahead.
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