Bankruptcy Law Firm: Preparing to File for Relief

There are a number of reasons an individual might choose to file for debt relief from the government. While there is no question that there are disadvantages to doing so (your credit rating, for example, will certainly suffer for the choice), it can be the best option in many circumstances. If you're in a position where your wages are being garnished to pay down debts, have a great amount of unsecured debt, are facing a relentless barrage of collections harassment, or are facing down a lawsuit, it could be the right move to make. If you want to do it right, consider hiring a bankruptcy law firm to help you move forward. Besides that, here are some other things you can do to prepare.

Look at your Finances

If you're in a position where hiring a bankruptcy law firm looks like your best option, you need to do what it takes to avoid this situation in the future. You can't afford to continually drown yourself in debt for the rest of your life. While not quite a "get out of jail free" card, the government does allow for this method of discharging debt so no individual can have their life ruined by making financial mistakes. You should already be taking steps, however, to ensure that you don't make those same mistakes twice.

Assess Your Credit Report

Every year, you are entitled to look at your full credit report for free. Pull a copy from each major agency and study what it says. Don't make the mistake of assuming that just because you aren't getting collection calls every day that you no longer have outstanding debts. It's important to know exactly what you're dealing with before you hire a bankruptcy law firm. If you file for debt relief and don't include all of your creditors, you could wind up still owing money after the entire process is finished. This is definitely not what you want.

Get Credit Counseling

Not only will going through a certified credit-counseling program help you to manage your finances in the future, it is a prerequisite to filing in the first place. Since these programs can take months to complete, you'll want to get on it as soon as possible. Take the class seriously and learn all you can from it. It can help you to avoid making big mistakes with your fresh slate. Before finishing, you can begin talking with a bankruptcy law firm and move forward with getting your mountain of debt discharged.