Three Tips To Prepare You For Bankruptcy

Most things that come up in life happen without any warning or notice, and so you can be caught off guard and not know where to go. But with money matters, there are usually signs along the way that signal financial distress. Many times when people are unable to pay their bills, they know they have not made a payment. The struggle to make ends meet is very real, and it is rare for a person in that circumstance to have no knowledge or idea that they need help getting back on track.

If you are experiencing a hard time with your budget, or have had unexpected expenses that you cannot pay, you should consider filing for bankruptcy to get out of debt and for a fresh financial start. Here are three tips that will help you get ready to file a bankruptcy case:

●          Keep track of what you have not paid, and the last date on which you were able to make a payment. This can be something as simple as taking out a sheet of notebook paper and starting a list, or doing something more elaborate like making a spreadsheet of your debts and the status of payments.

●          Write down all of your monthly expenses, even if you are not able to pay them each month. This will give you a good idea of where your money is going, and how much you need to make sure everything gets paid.

●          List out your assets, including the value you believe your car has and how much money you make each pay period. This will let you see how much you bring in, and you can compare this list to the list of expenses so you know where you can reduce or cut back on things.

Once you have a good idea of what your monthly finance picture looks like, gather your paystubs and most recent tax returns and head to our office to talk it over. We can look at your expenses, and how they compare to your income, and let you know what type of bankruptcy will work for you.

If you have more questions about bankruptcy, contact us today at www.law-ri.com. We will help you get prepared for what comes after we file your case, and have multiple locations where we schedule appointments.