by Andrew
(Australia)
Are you already annoyed by those persistent debt collectors? Do you feel like you have reached a dead end as far as your personal finances are concerned? If you think you can never handle and manage your piling debts anymore, you should already consider filing for bankruptcy.
The process may not be attractive when initially looked at, but it can be a logical and viable option. It can spare your from your debts without much hassle. But it may also come with certain setbacks, which you can surely live by. Are you considering filing for one? Here are five things you should do first before getting into the process.
1. Consult an asset protection attorney.
There are specific items that are exempted from the watch list of creditors like life insurance policies, retirement plans, and others. Specific kinds of bank accounts especially for married couples can even be spared from the hands of creditors in certain areas. Asset protection lawyers surely know which assets can be protected and spared from a possible bankruptcy proceeding. If you can protect any asset from debt collectors, you should strive to do so.
2. Prepare your taxes.
It is mandatory to have your prior year’s taxes prepared before filing for bankruptcy. It may be impossible to file one without tax returns. Staying current is important in this regard. Tax returns should not keep you from getting a fresh start and discharging your outstanding debts through bankruptcy.
3. Do your homework.
Your lawyer can be the best counsel as he may know everything but you should also be familiar and knowledgeable about the process. Sometimes, some lawyers are not to be fully trusted especially