Bankruptcy Tips – The Basics

The word “bankruptcy” is associated with financial disaster for many people, the absolute worst thing that could happen to you and your finances. However, that is not actually the case in many situations. For many people, declaring bankruptcy can actually be used as a legal, financial tool to restructure your debt and help you get out from under its crushing weight. You may want to consider your potential bankruptcy options with an experienced bankruptcy attorney Collierville, TN residents trust for legal guidance. Give a law firm a call today to schedule a consultation to see what options you may have.

  • Be Aware of the Bankruptcy Options
    Within the bankruptcy legal category there are multiple “chapters” that have different implications and options within. Depending on what chapter you file under, your outcome and long-term effects may differ. It is recommended to do your research, however, speaking with an experienced bankruptcy lawyer may be very beneficial to have the options explained to you for your specific situation. 
  • Be Careful with Paperwork
    When it comes to bankruptcy it is important to remember that it is a legal process as well as financial. That being said, it is important that all of the paperwork is filled out correctly, filed on time, supporting documents are included, etc. This includes taxes, because they will need to be filed on time and completed properly in order to avoid issues with your bankruptcy proceedings. This is where your financial advisor or bankruptcy lawyer could really come in handy to ensure that everything is in order and submitted in a timely manner to avoid any issues arising.
  • Avoid Selling Assets for Undervalue
    Try not to panic during this time by selling your assets for less than they are worth just because you feel desperate. It can be tempting to get rid of things as quickly as possible so that you have at least some cash, but in the long run this approach will lose you money that you need for your debts and to live. Selling some things may not be a bad idea but trust professional advice for the value of the items and be patient.

Call a Lawyer Today

The bankruptcy process can be overwhelming both legally and emotionally, and an understanding lawyer, like from Darrell Castle & Associates, understands that and will be both straightforward and gentle in their advice and guidance. Unfortunately, this is likely not something that you can avoid much longer but having a reliable lawyer by your side can help you feel more comfortable and prepared for what’s ahead. Things may seem hopeless right now, but your lawyer will help you come through it prepared to move on with your life and hopefully be better off for it. There is no need to wait to find out what options you may have for your financial future. During a consultation your lawyer can review your financial situation, provide advice, answer your questions, and help you feel confident and informed as you make decisions about your future. Contact a law firm today to schedule an appointment.