There are several bankruptcy basics that it's important to have a good grasp on before you begin the process. While a good bankruptcy lawyer will do all of the work for you, the more knowledge you have about the process before you go in for your first consultation, the better your experience is likely to be!
If you're thinking about filing sometime soon, consider this article to be required reading. We've put together some of the bankruptcy basics you absolutely must know before filing. With this knowledge, you can relate to your bankruptcy lawyer in a more informed way, meaning you get even better service because of your knowledge!
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Bankruptcy Basics: Before You Go In
Before you go in for your first consultation, prepare yourself with a list of questions that you'd like to ask your bankruptcy lawyer. This is your chance to ask whatever questions that have been burning in the back of your mind. Not only can you ask questions about the actual process, but you can also ask specific questions about the bankruptcy lawyer you'll be hiring, as well as the firm you'll be working with.
Here are some suggested questions to ask:
Is bankruptcy right for me? What other debt solutions might I consider? How much experience will my bankruptcy lawyer bring to the table? How does your firm charge for its services? Do you guarantee my case will win? If not, why should I hire you? What is your win/loss record? Can I see testimonials from previous clients about your legal services? What assets will I retain after filing? What will you do to protect me from creditors?
These are just a few questions to get you started. Chances are, you already have some others that you would like to ask!
Bankruptcy Basics: Important Points of Note
We also have a few points we consider to be essential knowledge. Even if you're just thinking about filing for bankruptcy, stop using credit now. This isn't just our personal money management advice...
Any credit you use in the 90 days prior to filing for bankruptcy will not be discharged in your bankruptcy case. Though you might think bankruptcy sets you free (and it does, for the most part), this credit debt will still be with you. Don't use credit in the 90 days prior to bankruptcy!
Also, another important thing to remember is this: don't make any purchases that a court may declare to be frivolous or non-essential. The debt associated with these purchases will not be discharged in your bankruptcy case.
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