Preparing for bankruptcy is as much about what you should do as it is about what you shouldn’t. You should not make any significant financial moves before you begin the process, such as taking out new credit or transferring property to someone else. This can cause a judge to reject your bankruptcy petition. Preparation for bankruptcy is more about getting organized and securing the help that you need with the process.
You should understand your exact financial situation before you begin the process. Make a list of your assets and all of your accounts, including the money that you owe. You will need to report extensively to the court on your financial situation, and it will have to be comprehensive and accurate.
Understanding the Bankruptcy Process
Next, you should learn more about the bankruptcy process. You have options, including which type of bankruptcy to file. You should even explore whether filing for bankruptcy makes sense in the first place. Your preparation should include finding an attorney to help you with the process. This is an investment that could increase the chances of successfully emerging from bankruptcy in a better financial situation.
You will also need to take a credit counseling course before you can file for bankruptcy. This is not a long process. The course can be completed in a couple of hours and there is a small fee. Speak to an attorney about what you need to do before you can file for bankruptcy.
Georgia Bankruptcy Attorneys
Moffitt Law LLC can help you prepare for bankruptcy and will assist you throughout the process. Contact us online or call us at (762) 212-3951 to discuss your financial situation and learn your legal options.
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Can I transfer assets to someone else before bankruptcy?
Absolutely not. The court will look back, and a fraudulent conveyance can sink your bankruptcy filing.
Will a lawyer help with my bankruptcy filing?
Yes, an attorney can handle your bankruptcy filing on your behalf.
Are there alternatives to bankruptcy?
You should explore your options, including renegotiating your debt with creditors.