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Preparing for Bankruptcy

Posted on in Bankruptcy

The process of deciding on bankruptcy is personal and must be made based on the facts of your financial situation. As difficult as it is to come to terms with that decision, it is important to know the beginning of the process in order to successfully begin a new financial life.

First, it is important to have the support of a legal professional who can guide you through the bankruptcy process. While it is possible to take care of your own bankruptcy, it is a huge drain that you might not be up for. It will also allow you to get creditors off your case earlier by saying that you are working with a lawyer.

The next step is to stop using credit or borrowing money. Any continued use of these two ways of getting money is considered fraud if you don't plan to pay anything back. It is also important to stop borrowing money from friends or family because you won't be able to pay them back after a bankruptcy either.

Hand in hand with that is that you should stop paying your bills, expect for those that you need to. Rent, utility bills, health insurance, and secured credit like car payments should still be current. Credit card bills can be left unpaid along with debts which are due to friends and family members.

There are certain exceptions to these general guidelines of the bankruptcy process. It is essential to tell your attorney the whole truth of your financial situation so that the best advice can be given. For more direction to successfully complete your bankruptcy petition and getting a fresh start, contact an experienced bankruptcy attorney in Cook County today.

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