Filing for bankruptcy is nothing to be ashamed of. The system is in place to help you get out of
extreme debt and give you a clean slate to start over financially. However, the process takes a
bit of planning if you want your filing to be successful. If you’re considering filing for Chapter 7
bankruptcy in Myrtle Beach, SC, you’ll want to prepare by following these key steps before
starting the legal process.
Review Your Finances Closely
Though filing for Chapter 7 bankruptcy will help you settle your debts, it will hurt your credit
score and can take a toll on your financial well-being. Before you commit to filing, take your
time and review your finances in detail. Compile your bills, look at who you owe money to, and
how much money you owe each creditor.
Then, look at how much money you’re earning. Are you able to make payments on time, even if
it will take several years to repay your debts? If so, filing for bankruptcy may not be a good
option. However, if you can’t afford the minimum required payments or are struggling to make
ends meet on top of your debt, filing for bankruptcy may be a good choice.
Find an Attorney
Though it’s possible to file Chapter 7 bankruptcy on your own, doing so isn’t as easy as you
might think. Instead of going it alone, you’ll want to find an attorney to guide you through the
process. It’s your attorney’s job to act in your best interest. They know the ins and outs of the
filing process and can help ensure that your assets are protected in the bankruptcy filing. Your
attorney can help streamline the bankruptcy filing process so that you don’t spend hours trying
to figure out what the court requires.
Establish a Recovery Plan
Bankruptcy helps settle your outstanding debts, but it won’t help you recover your finances
automatically. You’ll need to put in the work. Start thinking about what you’ll do to rebuild your
finances after you file. Create a savings goal to rebuild your savings, and identify ways to cut
your monthly expenses so you can avoid falling behind on payments in the future. Your
attorney can provide you with advice on how to navigate life after bankruptcy successfully.
Filing Chapter 7 Requires Some Preparation
As long as you follow these tips, you’ll set yourself up for success throughout the proceedings.
However, the sooner you can start preparing, the better off you’ll be. If you’re thinking of filing
for Chapter 7 bankruptcy, contact Lam Law Firm, LLC, to schedule a free consultation with an
experienced Myrtle Beach bankruptcy attorney.