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What Do I Need to Prepare Before Filing for Bankruptcy?

Deciding to file for bankruptcy is an extremely difficult decision. Those facing this situation frequently feel saddened, angry, embarrassed, and at times, guilty. None of these feelings are pleasant, and for some, these feelings happen all at once. Once the decision is made, yourbankruptcy lawyer will be largely responsible for implementing the bankruptcy, but you will need to gather some important information in order for the process to begin.

One of the requirements of bankruptcy is that you must list all assets. While some might be tempted to hide an asset or two, it’s best to be painfully honest. While your honesty might result in you losing an expensive watch or jet-ski, it is far better than committing a fraudulent act against the government, which comes with fines and possible imprisonment.

During the early stages of the bankruptcy process, your attorney will need records such as pay stubs, checking and savings account information, information about investment properties, retirement accounts, and more. It is important that you stay in close contact with your attorney during the initial phases of the process and procure the necessary documents expeditiously. A failure to do so can slow the process and can result in a waste of time for your lawyer if they attempt to file your case without all of the required documents. Additionally, your lawyer might ask you to prepare a list of your debts including all creditors. While this information can be achieved through a routine credit check, it’s best to take the necessary time to outline all creditors including account numbers and debt amount.

Bankruptcy is a stressful process, but that stress is mitigated when you hire an expert attorney who has a longstanding history of successfully handling bankruptcy cases for clients in your situation. If you have determined that bankruptcy is the only solution to your financial situation,contact the Law Offices of Bruce Mayrand today!