One of the most powerful tools you have for improving your financial situation is bankruptcy. Unfortunately, it may not always go as planned. While in some cases it is due to somebody trying to take advantage of the situation, the majority of the time it’s due to an honest mistake on your side that doesn’t work out well. That’s why it’s so important to inform yourself on bankruptcy and seek legal advice, as just a few good tips on the process can save your case from crashing and burning. Read on to learn more about some tips that your bankruptcy attorney should be advising you on. Arturo R. Alfonso, P.A. is a top family attorney Miami residents trust. Call Arturo R. Alfonso, P.A. for a free initial consultation today!
Tips From A Bankruptcy Attorney
Even a small mistake can be extremely expensive when filing for bankruptcy. Luckily, an experienced bankruptcy attorney will keep you from making these mistakes and improve the odds that your bankruptcy is a success. Here are some of the biggest reasons why a bankruptcy can go off the rails:
- Don’t file bankruptcy immediately following an income spike- A lot of your bankruptcy will depend on how much money you’ve earned recently. If you’ve recently had a windfall, even if your overall financial situation remains difficult, then you probably want to wait a couple months before filing for bankruptcy. Your recent earnings also impact how the court determines your ability to repay the debts you owe. Having just a couple good months leading up to the bankruptcy could prevent you from being able to expunge debts you can’t afford to pay long term. While having a little more recent income doesn’t mean you should cancel your bankruptcy plans completely, it’s still important to speak to a professional. Assess your debt and income situation with an attorney before making the best decision regarding the timing of your bankruptcy filing.
- Don’t try any fancy footwork- The second thing to keep in mind is to keep it straightforward. Even if your intentions are in the right place, fill your paperwork out completely and correctly. Trying to do anything that seems out-of-the-ordinary can put you at greater risk of scrutiny and the dismissal of yoru case.
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- Don’t let your relief trick you into being careless- Bankruptcy is designed for you to start from a clean slate, which is why it’s so important to not make the same mistakes again. Many people are tempted to overspend or indulge after feeling the weight of their debt burden being lifted, which is the kind of thinking that put them into this position in the first place. It will also be worse because you can’t file for bankruptcy a second time. One of the most essential parts of filing for bankruptcy is credit and financial counseling, which needs to be taken seriously so that you can try and learn as much as possible.
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It’s important to speak with a bankruptcy attorney regarding your options and how to optimize your case. Arturo R. Alfonso, P.A. is a top family attorney Miami residents trust. Call Arturo R. Alfonso, P.A. for a consultation today!