Yes, bankruptcy can be a good experience
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For those Greensboro consumers so deep in debt that they’re considering bankruptcy, it may seem like it will be an unpleasant experience. Most clients that come to see us are stressed out about their debt and intimidated by the idea of filing Chapter 7 or Chapter 13. Some new clients are downright scared but we’re here to tell you that bankruptcy can be a good experience that you’ll come out of much improved.
#1 Understand What Got You There
It’s important to understand what happened with your finances that led you to be in over your head. This won’t necessarily improve the bankruptcy process itself, but will help you make the most of the fresh start that bankruptcy offers to Greensboro consumers.
For most people, it’s a major life “event” that wrecked their finances. Sometimes it’s divorce or a job loss. Other times it may be an accident or prolonged illness that ratchets up your expenses and puts you out of work for a time. Understand what happened so you’re better prepared for the future.
#2 Be Honest and Transparent
It is critical in all aspects of your bankruptcy case, from the very start, that you are 100% honest. You must tell the truth to your bankruptcy attorney, to the Trustee assigned to your case, on all forms submitted to the court, to the judge, and in any statements you make in court.
Honesty is important, first of all, because that’s how you get the best advice from your attorney. Second, it is a federal offense to lie on your forms, statements, or petitions during bankruptcy. You don’t want to wind up accused of bankruptcy fraud instead of getting the debt relief you need.
#3 Understand Your Choices
A well-educated consumer is always preferable when it comes to Greensboro bankruptcy. You may not want to wait until your bankruptcy consultation to check out the options offered by bankruptcy. Go online and check out the difference between Chapter 7 and Chapter 13.
Then, when you come in for your Greensboro bankruptcy consultation, you’re prepared with questions. Even if you don’t do any research before, feel free to ask questions to ensure you’re clear. You need all the pertinent information and answers to your questions to make the best decision.
#4 Don’t Try to Hold Back Bills
One piece of advice that we give to all clients is not to try and game the system. You may not carve out or hold back any bills for any reason. You must submit all your debt as part of the bankruptcy filing. Your creditors will find out anyway once it is recorded on your credit report.
Also, don’t try and pay off one bill prior to bankruptcy because this could cause trouble with the Trustee. Paying one creditor over another is called a preferential payment and is frowned on by the court. The court can make the person or company you paid turn around and pay it back to the court.
#5 Take the Advice You Get Seriously
Sometimes in life, we don’t like the advice we get. If the doctor tells you to exercise or cut out the bacon, you might not like it, but it may be the best thing for you. Similarly, when it comes to debt and bankruptcy, you might not like what you hear.
The job of a bankruptcy attorney is to offer you their expert advice, based on your unique circumstances, of how best to deal with your debt. You may be told bankruptcy is not the best option or that one chapter is better for you than the other. Listen to the expert advice, but the choice is ultimately yours.
To find out more about the debt-relieving power of Greensboro bankruptcy, contact the Law Offices of John T. Orcutt. Bring in your financial information and we’ll sit down, look through it, and tell you what options are open to you and how the options will affect your financial future.
We’re here to help and make sure you have a good bankruptcy experience. Call us at +1-888-234-4190 now for a free Greensboro bankruptcy consultation at one of our locations in Raleigh, Durham, Fayetteville, Wilson, Greensboro, Garner or Wilmington.