4 Important Details to Gather in Preparing for Bankruptcy

by DeLadurantey Law Office, LLC on October 28, 2011

Financial hardship has impacted millions of Americans across the United States as the economy continues to struggle in the wake of the recent recession. Many Americans are struggling to keep up with monthly payments such as credit card bills or their mortgage and are therefore sinking deeper into debt. You may feel like you have no options for getting out of debt but that is not true. By filing for bankruptcy protection, you may be able to eliminate your debts and get a fresh financial start.

Information You Will Need

It is important to properly prepare before filing for bankruptcy in order for the process to go smoothly. You will need to ensure that you have a thorough and accurate accounting of the following:

  1. Assets – you need to present a detailed listing of assets so that a judge can assess your ability to make payments against your debts
  2. Debts or Loans – this is a vital part of your portfolio. A list of debts will help the courts determine the severity of your situation.
  3. Income – you need a record of your income to determine whether you will qualify to file for Chapter 7 bankruptcy or what your capacity to make payments under Chapter 13 will be.
  4. Expenses – this, along with your indebtedness, is a key component of assessing your financial situation.

If you are struggling financially, bankruptcy may offer a solution. By consulting with a qualified legal professional, you can get out of debt and on with your life. Contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC, at 414-377-0518 today to schedule a free consultation to discuss your legal options.


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