The real estate market has caused more financial harm to families than ever before. The value of properties have plunged by 50% in some areas and some experts anticipate that there won’t be any kind of growth in years to come. In 2012, the total number of bankruptcies (non-business) exceeded 1.1 million and some analysts expect 2012 and 2013 to produce even higher numbers.
However, the real estate organizations, credit card companies and the banks who have invested funds in debt forecast something different altogether. Whose opinion should you believe in?
You need not fret if you’re going through a poor financial condition as bankruptcy and foreclosure are no longer bad words but rather the financial tools that help you start over fresh when the situation calls for it.
What are the important things you should do to file bankruptcy?
Finances play an important role in your health and the stress of dealing with multiple debt collection agencies and the harassing debt collection calls. So, if you’ve surrendered regarding your finances and you’re planning to go to the court to file bankruptcy, here are some important steps that you should take into account.
- Get in touch with an asset protection lawyer: Your first step should be to finding an asset protection lawyer. While you file bankruptcy, you don’t include all kinds of debt into it as there are many items that are exempt from creditors like life insurance policies, retirement plans and many more. There are certain bank accounts for married couples that can’t be included in bankruptcy. Most asset protection lawyers work with bankruptcy attorneys and even if you don’t file bankruptcy, there are many things that you will get to know from your asset protection lawyer.
- Arrange your taxes in order: When you file bankruptcy, a mandatory requirement is to have your taxes in order. Without arranging your tax returns, it won’t be possible to file bankruptcy as you’re required to stay current. If an experienced Wisconsin bankruptcy lawyer advises you about filing a bankruptcy, you will get a chance to discharge all your debts and start afresh.
- Increase your knowledge on bankruptcy: You shouldn’t ever assume your attorney knows everything without doing your due diligence, as depending entirely on him or her might hurt you in the long run if they are incompetent or inexperienced. If they have a blog or forum on their website, you should read it to see if they know their stuff or ask them questions to gauge their competence. Then think of filing bankruptcy.
- Embrace bankruptcy: If you still remember all the sleepless nights during which you’ve dealt with the debt collection agents, you should now embrace bankruptcy. Relax and focus on the filing so that you can complete the process successfully. Change your contact number so that the creditors or the debt collection agents aren’t able to harass you and start building your credit score in order to become creditworthy in the near future.
No one is immune to fiscal problems. If you’re a part of such a situation, file bankruptcy only after following the above-mentioned options.
