Bankruptcy Process: Restructuring Do’s and Don’t
It can happen to anyone. Your finances are in shambles. You can no longer pay your bills, and there is no end in sight. As a last resort, bankruptcy seems like your only options. When you are faced with the prospect of bankruptcy, do not try to do it on your own. It is important to find an experienced bankruptcy lawyer to help you with the process. Dallas TX bankruptcy lawyers can make your bankruptcy proceedings as stress free as possible.
What is Chapter 13 Bankruptcy?
With Chapter 13 bankruptcy, you can restructure your finances and come up with a plan to pay off your debt. It is possible to keep your home, car, and other possessions. Pronske & Kathman can help you complete the paperwork and come up with a repayment plan you can afford.
Dos of Restructuring
Here are some things you want to do when restructuring your debt:
• Gather your important documents: You want to get your bank statements together. Keep track of your pay stubs and other assets. Make a list of all your creditors and what you owe.
• Prioritize debts: There are things you might need to sacrifice some things. Maybe you only need one car, so you will only have one car payment. Dallas TX bankruptcy lawyers can help you come up with some things you can do without.
• Be honest: It is important to tell the truth about your debts and assets.
Don’t of Restructuring
Some things you do not want to do include:
• Gain additional debt: Do not apply for new credit or keep using your credit cards.
• Do not keep assets hidden: Make sure you reveal all your assets.
• Pay more than $600: The debt will then be labeled as a preference.
Pronske & Kathman will make sure your case goes smoothly. You can then get a fresh start on life.