While filing for bankruptcy provides struggling borrowers with the opportunity to reclaim their lives from debt, the process can often seem complex and daunting. Having your petition approved by the court requires extensive preparation, as well as careful attention to how your credit is used in the months leading up to filing. Making sure everything is in order before submitting your petition will help ensure the best possible outcome for your case.

4 Things to Do Before Filing for Bankruptcy

1. Find an Attorney

As soon as you decide filing for bankruptcy is a viable option, speak to an attorney who will help guide you through the rest of the process. Your lawyer will evaluate your finances to determine whether bankruptcy is truly in your best interests, fill out and file the relevant paperwork, and help you collect the necessary documentation.

2. Track Your Monthly Expenses

Your bankruptcy petition will include an estimate of your average monthly expenses, which will be used to determine how much disposable income you might have available to pay down your debts. To ensure your estimates are as accurate as possible, track your expenses for several months before actually filing.

3. File Your Tax Returns

Borrowers seeking Chapter 7 protection must have filed their tax return the previous year, as well as the returns for the current one. Failing to file your taxes for the year in which you filed can result in your case being dismissed. If you intend to file for a Chapter 13 bankruptcy, you will have to submit tax returns for the previous four years.

If you're considering filing for bankruptcy, the attorneys at Greene Law, PC in Connecticut will help you make thoughtful decisions based on their in-depth understanding of the code. Learn more about their extensive experience with every aspect of bankruptcy online, like them on Facebook for information about their other services, or call (860) 676-1336 for a free consultation.