Filing for Bankruptcy? Here Are Some Tips

A paper that has 'BANKRUPTCY' stamped over it Filing for bankruptcy is not a pleasant experience, and you want to get it over with as quickly as you can. Given the amount of paperwork involved, the last thing you wish for is to complicate things by making needless mistakes.

Here are a few clever tips to make the process relatively smooth.

Work With a Competent Bankruptcy Attorney

You can go about filing a bankruptcy petition two ways. You can decide to do it on your own, which can be very frustrating unless you know enough about bankruptcy law. The alternative is to work with a competent bankruptcy attorney in Salt Lake City.

Getting professional legal help can go a long way in guaranteeing you a discharge.

Get Organized With the Paperwork

There is a lot of documentation involved in a bankruptcy case. Make sure that you organize everything from the very beginning so that everything runs painlessly. For instance, have your tax returns for the last three years in order.

Get all financial documents organized concisely, and make necessary copies early enough.

Be Honest Throughout the Process

Perhaps the greatest error you can make when filing bankruptcy is to provide inaccurate information to your attorney, the court, your trustee or any other interested party knowingly. If discovered to have lied about anything, you could face criminal charges.

Disclose your assets and liabilities fully and accurately so that the process runs without hitches.

Do Not Use Your Credit Cards Once You Decide to File for Bankruptcy

Incurring more debt after you have chosen to file for bankruptcy can easily make the court deny “dischargeability” of the debt to the creditor. About 70 to 90 days before you file your petition, desist from taking any credits.

Filing bankruptcy is by no means the end of life. Rather, it is an opportunity to learn beneficial lessons and start over anew. Do your best to make the process as smooth and educative as possible.