Everyone’s financial situation is different, which means every bankruptcy case is unique. If you’re planning on filing, there are a few universal tasks you need to complete first. Here, the attorneys from The Law Office of J. Baron Groshon in Charlotte, NC, explains what to do.

Evaluate Your Options 

There are three bankruptcy options that individuals can file: Chapter 7, Chapter 11, or Chapter 13. The one most applicable to your situation will depend on a variety of factors. To evaluate the options—or determine which ones are available to you—take an inventory of all debts and assets. Then, track your monthly living expenses, such as housing, utilities, food, medication, and transportation, and see how they compare to your total income. After reviewing this information, a bankruptcy attorney can explain the options and help you decide which approach will be most advantageous.  

Attend Credit Counseling 

Everyone who wants to declare bankruptcy must complete an approved course in credit counseling before they file. The course is fairly easy and should not take more than a few hours. Most people do it over the phone or online. You must submit the bankruptcy petition within six months of completing this course. Otherwise, you will have to take it again before you can file. You must do the course alone, but a lawyer can handle the case from there. This includes drafting and filing the petition, providing the trustee with essential documents, preparing you for the creditors’ meeting, and filing objections or motions as needed.

If you’re thinking about declaring bankruptcy, consult with a lawyer before completing the above tasks on your own. The legal team at The Law Office of J. Baron Groshon will review the situation and advise you on the best way to proceed. They have offices in Charlotte, Cornelius, Gastonia, and Concord. Visit their website to learn more about their bankruptcy services. Call (704) 342-2876 to schedule an initial consultation.