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Filing for Chapter 7 or Chapter 13 bankruptcy is a surefire way to restore your financial health, but both forms of debt relief have their disadvantages. If you’re considering bankruptcy, turn to John D. Wieser, Esq., PC in Rochester, NY, for quality legal counsel. As a bankruptcy attorney, he will help you determine whether you’re eligible for Chapter 7 bankruptcy and help you avoid making mistakes that might compromise your case.

Here, Attorney Wieser lists three steps to take when considering Chapter 7 or Chapter 13 Bankruptcy.

1. Track Your Monthly Expenses

How much do you spend on necessities such as food, shelter, transportation, and medical expenses each month? Calculating your monthly spending is the first step to pursuing bankruptcy, as these costs will determine what kind of debt relief you qualify for. They will also dictate your payment plan if you file for Chapter 13 bankruptcy.

2. Stop Using Your Credit Cards

chapter 13 bankruptcyIf you plan on filing for bankruptcy, you may assume it’s okay to continue racking up credit card debt. However, going on a spending spree before declaring bankruptcy is considered fraud, and the courts do not look favorably upon those who do so. Also, avoid gifting large assets to friends or family before filing—it only looks like you are trying to protect these assets from seizure by your creditors.

3. Talk to a Bankruptcy Attorney

Bankruptcy law is notoriously complicated, and a simple filing mistake could harm your financial future in a variety of ways. As soon as you start thinking about filing for bankruptcy, ask an attorney how you can protect your family and assets moving forward.

If you’re considering Chapter 7 or Chapter 13 bankruptcy, turn to John D. Wieser, Esq., PC in Rochester, NY. Like his firm on Facebook to learn more about the business, and call (585) 328-0660 to schedule an initial consultation today. 

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