If you find yourself under pressure of insurmountable debt, the best thing to do is to look for a good bankruptcy attorney who will help smooth the process of declaring bankruptcy for you. In this article, the team at Schwartz Flansburg, who are among the top bankruptcy attorneys in Las Vegas shared their insights on what to do before declaring bankruptcy.
Hiring an attorney should only be done after you have done as much research as possible on your own in a bid to understand the issues so that when you do engage the bankruptcy attorney you deal with him with a fair amount of knowledge of what to expect. Research then should be the first thing you do when you start considering declaring bankruptcy.
After you know as much on your own but still cannot make out what Chapter 7 and Chapter 13 and other jargon are all about, call an attorney who will unlock the next many pieces of the puzzle with you.
The attorney should help you make a list of all your creditors, with details of what you owe them and for how long. While you are at it list all your income. This should help determine if it is possible to try and negotiate with any of the creditors.
Next, make a list of all your property as you prepare to lose most of it. You have probably disposed of some if not all by the time you are thinking of bankruptcy as the way out. Your attorney will show you what is safe and what you will lose.
Your attorney will also advice you on the financial obligations that do not go away even with a bankruptcy granted. Student loans, child support and taxes have to be paid.
You should not try to take up more debt to pay the old one and do not sell the family home either.
Do not dip into the retirement savings or pension, these are protected by the law so they are safe. Do not touch them.
Do not get desperate or cheeky and begin to run up credit card debt or try to transfer property in your name to other family members as this is considered fraudulent and criminal which will only land you in jail.
Hiring a professional real estate lawyer can make a huge difference in the foreclosure process. Remember, it is mandatory to fully pay your debts if you want to continue keeping your home. Find a reliable and reputable foreclosure defence attorney to handle your case.
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