When the decision to file for bankruptcy is made, it is usually not made lightly. Most people put a lot of time and effort into this decision, and even take steps to avoid filing. But, there are instances where every possible option is exhausted, and the only choice is to file bankruptcy. When that happens, the best possible outcome is one where you receive a discharge of the debt that is weighing you down, and are in a better financial position than when you entered bankruptcy. In order to have a successful case, there are some things you can do, and these things will also help you to be successful with your future finances.
Three tips for a successful bankruptcy filing include:
- Gather all of your bills before you visit with an attorney, and know how much your monthly obligations add up to going into the meeting.
- Gather your pay stubs, so you can calculate how much salary you are bringing home each month to service your debts.
- Write down all of your expenses that are not in the form of a monthly bill, like your grocery and gasoline expenses.
Once you have a clear picture of what is coming in to your checking account every month and what is going out, you will be in a good position to see where you can make changes to your budget. The purpose of filing bankruptcy is to eliminate debt you can no longer pay, while keeping your job and a steady stream of income to pay your living expenses. Another purpose to filing for the protection of bankruptcy is to give you some breathing room from your creditors, so you can formulate a plan to get your finances in order. When you file a case your creditors are prohibited from contacting you, and this should give you the time and space needed to come up with a workable budget. Once you see what debts will no longer be required to be paid each month, you can figure out where to put that extra income. Freeing up your money to pay for necessities can make life easier, and will help you to have a successful case as well as a bright financial future. The best case scenario is one where the end result is that you are able to start putting money aside for emergencies, so you do not have to rely on credit that can quickly spiral out of control. For help figuring out how bankruptcy can best help you, call our office.
If you have questions about finances and bankruptcy, and how to have a successful bankruptcy case, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.