If you are experiencing financial trouble, you might have considered filing for bankruptcy. Though there are two different types of bankruptcy, the preparation process is similar. Filing for bankruptcy is not a singular event. It is a process; what you do before, during, and after the filing will affect the outcome of your bankruptcy case. Avoid unnecessarily losing money and learn about what you should do when preparing for bankruptcy by calling our trusted bankruptcy preparation attorneys in Monroe, LA today
Find a Bankruptcy Lawyer
While it’s possible to file for bankruptcy in Louisiana without the help of an attorney, it’s highly recommended to use their services. The law regarding bankruptcy can get tricky, so having someone on your side that can help navigate you through the process is extremely helpful. An experienced bankruptcy attorneycan also deal with bill collectors upfront, helping you avoid the stress of confrontations.
Learn How to Live on a Budget
Filing for bankruptcy typically means that you are in financial distress. The best way to prevent it from worsening is by learning how to live on a budget. It’s essential to prevent the build-up of any more debt for things like loans and credit card bills. Start paying for expenses in cash and buy only what you can afford at that moment based on what is in your bank account. Your bankruptcy attorney may also advise you to quit paying some of your outstanding bills.
Keep in mind that you should refrain from borrowing money from friends and family. The people you borrow money from are considered creditors; so once you file for bankruptcy, they are treated the same way as banks. If you do find friends that want to help you out financially, be sure that they know that any monetary contribution is a gift and not a loan.
Reclaim Your Phone
Once you stop paying your bills, debt collectors start calling you regularly. The consistent calls can become a severe nuisance.Take back your sanity and enlist the help of a bankruptcy attorney in Monroe, Louisiana. When you tell bill collectors that you’re filing for bankruptcy with the assistance of legal counsel, they are forbidden from contacting you directly. You will then be able to give them the contact information of your attorney and freeze the harassment in its tracks.
Bankruptcy Don’ts
When preparing for bankruptcy, there are a few things that you avoid at all costs. Some of these things include:
- Transferring any property without consulting a lawyer
- Forgetting to file your tax return
- Making a short sale of your house
- Paying off your car loan
Doing any of these things can compromise your bankruptcy case and cause further complications down the road.
Talk to a Bankruptcy Preparation Attorney in Monroe, LA!
Filing for bankruptcy can be scary and filled with unknowns. Be sure to prepare yourself adequately following these steps and by using the help of a bankruptcy attorney. E. Orum Young is experienced in helping those in financial distress navigate through the bankruptcy process. We have filed over 20,000 bankruptcies – the most in Northeast Louisiana. Contact our office at (318) 450-3192 for a free case evaluation.
