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The possibility of declaring bankruptcy can seem like a daunting thing. If you approach it in a serious and structured fashion, though, it represents a good chance to get your financial house in order. Whether you're dealing with a personal or commercial bankruptcy, there are a few things you need to do before filing.
Figure Out What Your Situation Actually Is
Tracking down the numbers that describe your circumstances is critical. You won't even really know what type of bankruptcy you're going to file until you've developed a sense of what your finances are. If you just need a little time to get things under control, a Chapter 11 reorganization of your debts may be worth pursuing. If your finances appear to be completely cratered, then a Chapter 7 declaration will be a step toward bringing creditors' claims to an end altogether via liquidation of your assets.
Documents, Documents, and More Documents
You'll be asking the court and your creditors to invest some faith in your explanation of your financial circumstances. To bolster your argument, it's wise to be able to document everything as thoroughly as practicable. Make sure you can attest to all your bills, especially utilities. The court needs to know what your baseline for getting by is.
Similarly, make sure you fully document all your debts. Any creditor that was not named in your bankruptcy filing will still have standing to pursue debts against you after the judge has entered an order. If you're not sure whether to include old bills, sit down with a bankruptcy attorney and figure out whether those debts are past the statute of limitations.
Get Counsel and Seek a Protective Order
In order to bring some degree of sanity to your situation, it's a good idea to retain the services of an attorney. Bankruptcy filings are very detailed, and anything that's left out puts your petition for relief at risk.
One of the first things your attorney will do is send paperwork to the court to initiate the process. When this has started, it is standard operating procedure for a judge to automatically enter a protective order. This prevents creditors from continuing to harass you by phone, email, social media or other means of communication. If they need to address a problem, they will be directed by the judge to take their concerns up with your bankruptcy attorney or with the court itself.
Share30 June 2019
