The first thing that you want to do once you’ve decided that bankruptcy is the right course of action to take for you is to prepare for it. You have already taken the first step by coming to the realization that this may be the only solution for you in your financial situation.
The next thing you want to do is gather all of your credit reports from the major credit bureaus to ensure that you know all of your creditors and you haven’t forgotten any.
Then what you want to do is gather up all of the documentation that you have concerning your debts and your income and have a consultation with a qualified and experienced bankruptcy attorney working within the state that you are going to file your bankruptcy.
One thing that you don’t want to do is start to transfer assets thinking that you can protect these from your bankruptcy action.
It is most important that you have the right professional help to help you with your bankruptcy as it all begins with choosing the right chapter of bankruptcy that you are going to qualify for. You also want to discuss this option with your spouse so that you are both well aware of what is about to take place. There may be some decision making such as whether your spouse is also going to go bankrupt or whether you’re going to file separately.
There is a lot to know about bankruptcy in order to be successful, but this is a form of debt relief which has brought much comfort to many individuals that have been in dire financial situations.