We are going to have a very frank discussion about bankruptcy.  There won’t be any fluff, and no B.S.-  just facts given with “no holds barred,” nothing held back, and no niceties.  The current financial crisis has affected all classes of people in the United States, so that even the most carefully laid plans can lead to eventual bankruptcy.  If you’re reading this blog, then you have probably already given it a lot of thought.  Now you need to take action.    Bankruptcy laws are complex and written in such a way as to be full of interpretive inconsistencies.  Regulated by the federal government, bankruptcy laws also change frequently, and specific laws can vary from state to state.   For these reasons, an expert must be consulted when you are faced with the possibility of a bankruptcy.  Seeking the advice of a qualified and experienced bankruptcy attorney is imperative in order to ensure that the whole process is handled legally and effectively.  At no time should you ever attempt to file your own bankruptcy: you could end up in serious financial and legal trouble if you do.     This means that research must be conducted in order to correctly choose the attorney whose skills best match your needs.  Seeking a bankruptcy attorney who is local to you will aid in ensuring that your counsel is available and understands local laws- if you live on Long Island, for instance, seek a qualified bankruptcy attorney in Long Island.  Check Better Business Bureau reports and other consumer reports to verify that your chosen lawyer is legitimate and committed to providing superior services.     When you have selected a suitable local bankruptcy attorney, the first step is to make their job easier by gathering information that they will need.  This means that you will need to collect all of your financial related documents: tax returns for the last several years, all your bills, bank statements, past due or foreclosure notices, government program rejection letters, collection letters, an asset inventory, a budgetary analysis, and anything else that will be helpful.  When gathering these documents, keep in mind that it will be used to establish that your financial situation is such that you have no other recourse but bankruptcy. Be prepared to show anything that will substantiate this.    Consult with your chosen attorney.  They will analyze the data you provide and determine if you have a solid case.  They may ask for additional pieces of information, and you should procure this as soon as possible.  If the bankruptcy attorney takes your case, you should immediately begin contacting your creditors.  To each of them, issue a cease and desist request.  This means that they will no longer be able to contact you to collect on debts you may have with them.  You will need to provide your bankruptcy attorney’s name and contact information.     If bankruptcy is what you have to do to protect your family, yourself, and your assets, then you should not feel ashamed to do so.  Remember, bankruptcy is a form of financial protection, designed to assist consumers who are overburdened with debt.  It is a way to start over again, and in some cases, may be the best thing that you can do for yourself.  Bookmark this blog, because soon we will discuss the realities of a bankruptcy’s effect on your very valuable credit.          –

This entry was posted on Wednesday, November 5th, 2008 at 7:00 am and is filed under General Information, Long Island Bankruptcy, Repairing Credit. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.