Bankruptcy – 3 Things You Must Know Before Filing

bankruptcyIf you are looking for a bankruptcy attorney in Scottsdale, Arizona, then hold the phone. There are some important facts about filing for bankruptcy that you need to know for yourself. The world of bankruptcy filing is complex and often messy – but this article will attempt to clear up the three most important things you need to know before filing.

  1. You need to know which chapter to file under

Even when using an attorney, you should at least have a basic idea of which chapter under US Code Title 11 you will be filing for. Learn about the different chapters and which one applies to your case. This way you can have a conversation with your lawyer, rather than just being given information you didn’t know already. It will still be important to have an attorney go over the finer details with you, but you should at least have some idea before getting started about what you are going to do.

  1. Be aware of the negative effects of filing for bankruptcy

Bankruptcy is not a quick fix to money problems. It is a last resort that comes from financial desperation. If you are filing for bankruptcy, you are desperate – and if you aren’t desperate, you probably shouldn’t be filing. Ask yourself “what are my plans after I file?” If you want a loan – forget anything that doesn’t have high interest attached. Need a credit card? Again, no problem with high premiums and interest. How about that credit score? You will be followed around by your decision to file bankruptcy for another 7-10 years.

Maybe you don’t need loans or credit cards and plan to simply work hard and pay things with cash or from your checking account. It could be you just want privacy and for people not to know you had to file for bankruptcy. Well, you can forget that, too – when you file it becomes a matter of public domain.

  1. There are some lawyers who want to make money from your misfortune

It would be great if every attorney was looking out for your best interests, but sadly some are not. One of the first dead giveaways would be if the attorney is offering an incredible deal. If you are filing for bankruptcy and don’t think the fee is expensive, there should be a red flag going up.

These are the type of attorneys who will give you an outline of what to expect, rather than details. They will get the quickest deal – not necessarily the one best for you – so they can collect their fee and move on. Be smart and do some research on how to spot a crooked attorney (or how to spot a trustworthy one). All it takes is some time and access to the internet.

Filing for bankruptcy is a difficult decision that affects not only the lives of those who file, but of others as well (spouses and children, for example). If you are faced with having to file for bankruptcy, it is very important to know what you are getting into. Approach it with the caution it deserves. If you follow the three tips given above, your debt won’t go away – and your life probably won’t get any easier. What will happen is that you will be prepared. If you have any other questions regarding bankruptcy, hiring a bankruptcy attorney, or other legal matters, visit CanterburyLawGroup.com

Save More Money in 2018

Coins 1523383 1920

Subscribe and join the worldwide 52-week money challenge! Get the tools you need right to your inbox.

We won't send you spam. Unsubscribe at any time. Powered by ConvertKit

Share this post:

Recent Posts

Leave a Comment

*

What’s the Best Free Recipe App?

The Apple Store and Google Play together offer more digital cookbooks than you probably have room for on your mobile device. So which... more →
New tax law might slow down housing market.

What Will the New Tax Law Do to the Housing Market?

The new tax law will have a profound impact on the housing market, although in ways that go beyond the deductibility of mortgage interest... more →

4 in 5 Households Will Get a Tax Cut in 2018

Four out of five U.S. households will get a tax cut as a result of the legislation that President Donald Trump signed into law today. more →
Will bitcoin reach $100,000?

When Will Bitcoin Reach $100,000?

Bitcoin has accelerated its pace of appreciation in recent months, and if the current levels between $15,000 and $19,000 make you itch... more →
The Dow Jones topped 24,000 -- now what?

The Dow Jones Crossed the 24,000 Threshold. Now What?

Stocks appear to be increasing in volatility, yet the markets closed on Monday, December 4 with the Dow Jones Industrial Average is... more →
Peer mortgage

Should You Get a Peer-to-Peer Mortgage?

If you can’t get approved for a home loan from a bank, you might want to look into applying for a peer-to-peer mortgage. more →
Investment gifting is awesome.

4 Things To Know Before You Donate an Investment

While¬†donations of any kind are appreciated, gifting investments benefits both the giver and the receiver. Here are four key things... more →
Are you wondering: What's the Relationship Between the Stock Market and Federal Debt?

What’s the Relationship Between the Stock Market and Federal Debt?

Wouldn’t it be wonderful if gains in the stock market could actually reduce U.S. government indebtedness? If that were true,... more →

What is The Difference Between Rich and Poor?

Have you ever been poor? We are not talking about not being able to fill your tank one week. Rather, we are talking about choosing... more →