Chapter 7 Bankruptcy: Things To Do Before Filing

If you have been struggling under the weight of debt and want to get a fresh start, you may have been looking into Chapter 7 bankruptcy in Orlando. This type of bankruptcy filing allows for the liquidation of some of your assets and the complete discharge of many of your debts, including credit cards, medical bills, and some miscellaneous personal debts. For those who have limited means, but can’t seem to get ahead, it can be a great option to wipe the slate clean. While this is the most simple and straightforward kind of bankruptcy, preparing ahead of time can save you time, money, and headaches.

Here are a few things you should do before you file:

  1. Keep your accounts low

Since the bankruptcy trustee will have access to your financial information, and the ability to levy your accounts to pay your debts, it’s best to keep your checking and savings accounts low. If you pay your monthly bills directly from your bank accounts, make temporary, alternate payment arrangements for them.  

  1. Double-check your credit report

Credit report errors are common, but these mistakes can cost you a lot if you don’t catch them before a bankruptcy filing. Obtain a full copy of your report, and dispute any discrepancies you see right away.

  1. Practice living on a budget

After bankruptcy, you will want to change your financial habits, so you don’t put yourself in the same position all over again. Practice living within your means, going without luxuries, and sticking to a modest budget even before you file. This gives you a chance to slowly adjust to your new, more responsible lifestyle.

  1. Halt automatic credits and debits

Many people have automatic bill pay set up, as well as direct deposit from their employers. Don’t forget to cancel these automatic transactions, so you won’t have any unpleasant surprises in your bank accounts during the filing process.

  1. Find the right attorney

Resist the urge to go with the first bankruptcy lawyer you see, but take the time to research the right one for you. Look for things like positive reviews, close proximity to your home or office, and experience in Chapter 7 bankruptcy in Orlando. Doing your due diligence here can make the process much smoother and much more positive.

Ready to learn more about how bankruptcy can set you on the path towards a better future? Get in touch with our firm today for your free consultation!

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