When people realize their financial situation is changing and taking a dramatic downturn, they need time to explore their options. It is essential for them to contact an experienced bankruptcy attorney who can help them assess whether bankruptcy may be the best legal option for their situation.
At the Law Offices of Edwin J. Rambuski, we are here to help you plan for bankruptcy by helping you analyze your finances and make key, timely decisions regarding your economic future. For more information about filing for bankruptcy, please contact us today to schedule an initial consultation with Edwin J. Rambuski. The initial consultation is free.
There are ten pre-bankruptcy planning tips that will help you decide whether bankruptcy is right for you.
1. Timing of filing for bankruptcy: Since the Bankruptcy Recovery Act of 2005 was passed, if you are unemployed or experiencing a reduction in pay, there may be a window of opportunity where one type of filing is better than another because of how the means test is now used. Our office can help you correctly calculate your income to see if you qualify for bankruptcy relief under the means test.
2. Use of credit cards: You may need to stop using credit cards and taking cash advances if you are contemplating filing, because issues of fraudulent activity may come into play. It is important to discuss this issue with a bankruptcy attorney in order to avoid fraudulent activity accusations.
3. Divorce and bankruptcy: If you are considering filing for divorce and bankruptcy at the same time, it is crucial to talk to an attorney in advance of taking legal action on either issue to ensure legal remedies are available.
4. Organizing your finances: It is critical to know where you stand financially in order to make an informed decision about bankruptcy, which includes providing your most recent pay stubs for the past six months, so when you meet with Edwin J. Rambuski he can properly assess your financial situation.
5. Bill payment: If you have a limited amount of money, you should meet with Edwin J. Rambuski to structure a hierarchy regarding which bills you need to prioritize. This strategy is important when deciding to keep current on secured debts, such as home and car payments, and which bills and other debts may be set aside.
6. Legal problems: If you are being threatened with garnishment, or a judgment is being assessed for non-payment, you should not wait for these actions to take place. This will not only put you further behind on obligations, it may not be dischargeable later. Speak to Edwin J. Rambuski before these legal actions take place, not after.
7. Protecting certain assets: There are assets you may not want to “spend down” prior to the possibility of filing for bankruptcy, such as retirement accounts and 401(k)s. Certain assets are exempt from bankruptcy liquidation.
8. Understanding non-dischargeable debts: Certain debts may not be dischargeable, including most student loans and child support obligations. Edwin J. Rambuski will help you go through the process of evaluating your debts to determine which debts are dischargeable and which are non-dischargeable.
9. Good faith: If you continue to stay current on you home and car payments, this can help you protect these assets.
10. Debts to family: It is a good idea to discuss obligations to family members with an attorney before you repay them. Edwin J. Rambuski can help you plan for this within the confines of the bankruptcy process.
All of these issues require careful consideration when you are contemplating filing for bankruptcy. To learn more about how Edwin J. Rambuski can help you with all of these steps, click on the First Meeting Forms at the top right and complete, then contact our office today to schedule an appointment. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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