Just over four years ago, the United States faced its worst economic crisis since the great depression. As a result, millions of Americans faced financial ruin. Many people fell behind on their mortgage, credit card payments, and a number of other financial obligations. Many people were left wondering what to do about their financial situation. Bankruptcy was the answer for many of these people. What should you do if you’re considering filing for bankruptcy?
One of the most important things you need to do is protect your money. Many financial counselors will advise you to close your bank accounts. When you have large amounts of debts from mortgage loans and credit cards, and you’re planning on filing for bankruptcy, close any account associated with your debts. These accounts are vulnerable to being frozen. This means that access to your money can be taken away from you indefinitely.
After you’ve taken your money out of your old account, you’ll want to open new account with a new bank. The process doesn’t take very long, and you should have access to your funds in no time. You should also make sure you keep track of all of your funds. Even though you’ve changed accounts, you cannot simply hide your money to avoid paying your debt. Your trustee may want to see where your money has gone. Make sure you hold on to all of your receipts and documents pertaining to any purchases you’ve made. Speak with Bankruptcy Attorneys Pompano Beach has available to better understand this formality.
When many people pay bills, they have the funds automatically withdrawn from their accounts. Don’t expect creditors to get wind of your bankruptcy filing right away. During the bankruptcy process, creditors may still try to withdraw funds from your account. If you’re having financial difficulties, and you want to file for bankruptcy, it’s important that you stop these automatic payments immediately.
Lastly, you’ll want to seek a bankruptcy lawyer before you file. Although it’s possible to represent yourself during these filings, it’s not recommended. A bankruptcy lawyer is familiar with this process, and knows what paperwork needs to be filed. Bankruptcy Attorneys in Pompano Beach has to offer have the knowledge and skill to walk you through each step. They know the law, and can determine whether you actually need to take the bankruptcy route.
