When someone files for bankruptcy, it’s not a good thing. Bankruptcy is a touchy subject, and people often don’t want to mention it when someone asks about their finances. Follow the steps presented here to determine whether or not you need to file for personal bankruptcy at all.
As filing bankruptcy becomes more of a reality, don’t use your entire savings or your retirement funds to pay creditors or attempt to resolve insolvency. Don’t touch retirement accounts unless you don’t have a choice. If you have to use a portion of your savings, make sure that you save some to ensure that you are financially secure in the future.
As bankruptcy appears on the horizon, don’t take your savings or retirement accounts to try to pay off all your bills. You should never touch your retirement accounts, unless you have absolutely no choice. Although it is quite normal to use some of your savings, ensure that you leave enough in your account for emergencies.
Be sure to bring anything up repeatedly if you are unsure if your lawyer is focusing on it. Lawyers are people too, and sometimes they forget important information and need to be reminded. Do not hesitate to speak up; this is your hearing and your future is on the line.
Most bankruptcy lawyers give free consultation, so try to meet with these types of lawyers before deciding on hiring one. Always ensure that the person you meet with is a real lawyer, not a legal assistant or paralegal. These people can’t give legal advice. By meeting with several attorneys through a free consultation you will be able to choose which attorney you feel more comfortable with.
You should not have to pay for an initial legal consultation, and such meetings are great opportunities to ask lots of questions. Seek free consultations from a handful of lawyers, before deciding which one to hire. Choose an attorney who is experienced, educated and well-versed in bankruptcy laws. You can think about your decision before making a commitment. Take the time to meet with a number of attorneys.
As you can see by now, there are different ways of filing for personal bankruptcy. Do not let this information overwhelm you! Take some time to figure things out. That way, you stand a better chance of making a wise decision.
