10 Quick Tips For Preparing Your Bankruptcy.

Sept. 27, 2010 - PRLog -- If you're considering filing bankruptcy, it pays to read this quick start list. Just by planning to sort your documents, you're creating a strategy that will help make preparing to file, so much easier. Even, if you're on the fence about taking this step, following these simple guidelines doesn't take much special effort and will make pulling the trigger an easier decision to make.
1. Make sure you have a current driver's license and copy of your social security card and that the name on both documents match.
2. Stop payments to creditors on all unsecured debts.  This includes credit cards, payday loans, personal loans and medical bills.
3. If a creditor sues you, filing an "answer," is a complete waste of time and money. Put the money aside for filing your bankruptcy.
4. Stay as current as possible on payments towards houses and cars you're planning on keeping.
5. Start collecting bills for monthly expenses such as: electricity, gas, food, cable, phone, etc.
6. If you've signed up with a "debt settlement," company, cancel the service immediately.
7. If you've defaulted on a debt at a bank where you also maintain checking/savings/investment accounts, etc., it's critical that you open a new account at a bank where you have no relationship as a debtor, ASAP.  Banks are increasingly levying bank accounts of borrowers who are in default, without having to win a judgment first. And, it's all completely legal!
8. Gather up and keep all your paystubs and/or benefit statements going forward.
9. Credit card bills, collection notices & lawsuits should be organized and kept together.
10. All your taxes must be up-to-date and filed. Federal, state and franchise tax board, if that applies.
As you're anticipating filing your bankruptcy, it's also a good time to start researching attorneys through personal referrals, online databases, etc. Always double check that an attorney is in good standing by checking her/his references with the California State Bar Association. Also, don't worry about having all of the above gathered up prior to meeting and/or retaining an attorney. There are certain protections you can gain immediately by retaining an attorney. Many bankruptcy attorneys accept payments. So, it's always a good idea to start researching bankruptcy attorneys, while simultaneously preparing your paperwork.
For an eye-opening article about Loan Modifications, you may wish to read, "Is Your Mortgage Lender Telling You The Truth About Your Loan Modification?" Check out the latest news on this subject and more at: http://wscottbankruptcyriverside.com.

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With over 40 years experience practicing bankruptcy law in the state of California, The Law Offices of Walter Scott truly understand our clients needs. The need to be heard, respected and responded to. In a timely manner. By caring professionals.