Not having enough money to pay your debts can be a harrowing time, especially if you are going through it alone. Making sure you have an experienced counsel such as a bankruptcy attorney can make a huge difference with not only reducing your stress levels, but also in ensuring the correct protocol is followed. Before you jump in and look for counsel such as a bankruptcy lawyer, consider the following 5 factors that can really help throughout the whole procedure.
1. Spend Your Tax Return Before Filing For An Inability To Make Payments: In the majority of states in the US a large tax return is considered an asset that may not be exempt from protection. Due to this, if you are in a situation where times have become tough and you cannot make your repayments it is advisable to wait until your tax return arrives, spend said return on living necessities and then file for debt relief.
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2. Seek Qualified Counsel To Ensure A Speedy and Smooth Transition: More often than not, many people decide to go it alone when faced with the ordeal of going down the financial tubes and filing for an inability to make repayments. This can be a huge mistake as a professional counsel has the ins and outs of such experiences and can guide you through the transition much more easily than doing it by yourself. They can also save you a lot of heartache by holding onto certain assets that you may not have been aware of being exempt from filing.
3. Information Held Back From Your Counsel Can Seriously Impede Your Outcome: To enable your counsel to protect you from losing all your income and assets informing counsel all information pertaining to the situation is vital. Often people are put on the stand under oath and new information comes to light under these circumstances. When this happens, your counsel often loses a lot of ground and you could end up losing out greatly.
4. Do Not Leave The Filing Until It Is Too Late: In the event of not being able to pay your debts, consider the situation and the look of your financial future. Too often people leave filing for an inability to pay their debts until it is too late. Waiting for your creditors to take action against you would be considered too late. It can take a very long time for your counsel to put together a filing petition and look through all the documentation relevant to the case. This being the situation, it is better to consider your financial position and seek counsel who can tell you whether it's a good idea to file now or in the near future. Once filing has commenced, an automatic stop comes into effect meaning your creditors cannot come after you for any further repayments.
Unless you are very well versed in the laws of your state when it comes to filing for an inability to pay your debts, it is a very wise choice to seek counsel. Although many people choose not to do this as they see it as more money spent unnecessarily, it can actually save you a lot of money in the end.
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