When you’re buried under debt, sometimes filing for bankruptcy is the only way you can stabilize your shaky financial profile. Though a Dayton bankruptcy attorney can certainly help guide you through the bankruptcy process, much of the responsibility still remains on you. By properly preparing for your bankruptcy case, you can not only save money, but also improve your chances of recovering from your debt. Planning ahead with your bankruptcy attorney will streamline the entire process – and save you money in the process!
3 Tips for Handling Your Debt
Working with your bankruptcy attorney does more than streamline the bankruptcy process. You will find it easier to eliminate debt, save money, and protect your assets. While filing for bankruptcy is one challenge that your bankruptcy attorney can help you accomplish, being prepared to file can give you a major advantage. When working to eliminate and reduce your debt, be sure to:
Understand exemptions that are available to you. There are exemptions on both the state and federal level that will help you protect your most valuable assets. By protecting your home, car, jewelry, and other costly assets, you’ll ensure that you can eliminate your debt while protecting your wealth. However, it’s crucial to be completely honest with your assets, never hiding any of them during the bankruptcy process. Working with a bankruptcy attorney will help keep you accountable in listing all your assets during the case, even those that you want to keep.
Hire a qualified bankruptcy attorney. Aside from looking at qualifications, you’ll also want to consider the experience of a bankruptcy attorney. Having the right representation as you handle your debt will help you save money and protect your assets in the process. Because debt and finances are such personal issues, also consider how comfortable you are interacting with a potential bankruptcy attorney.
Know what you can discharge. Whether it’s medical debt, credit cards, or a loan, remain honest throughout the bankruptcy process and be sure to include everything that you would like to discharge or reduce. Since there are limitations to how often you can file for bankruptcy, be sure to include all your debt.