When debts become overwhelming and the threat of collections or liquidation become a risk it’s easy to feel panicked. Although time is crucial for protecting your assets and preventing a garnishment, filing for bankruptcy is not a decision that should be rushed.
The first step in working towards a solution is a stop in the office of a Fort Meyers bankruptcy attorney.
Just like any major financial decisions, filing for bankruptcy should not be taken lightly. The reason is that your financial history, income and assets all play a role in your eligibility to file and receive a discharge. Here is what you need to know about planning for a successful debt discharge in bankruptcy:
1. Don’t make any major purchases or payments — unnecessary or uncharacteristic credit purchases and payments in the six months leading up to your case could become problematic. Some purchases may be ineligible for discharge, or could be viewed as fraudulent; while excessive payments could disqualify you from eligibility to file.
2. Organize your paperwork — you will be required to provide documentation of your recent years tax returns, debt account summaries, and bank information in order to file for bankruptcy. Having this information organized ahead of time can make the filing process much easier.
3. Consult with an attorney — the fine details of your finances are better served being reviewed by a professional. Your Fort Meyers bankruptcy attorney can determine your eligibility, answer questions and assist you in the filing process.