The Boy Scouts motto is "Be prepared." It's simple, to the point, and has a wide application. Really, you'd be hard pressed to find a situation that the motto doesn't apply to. We think that bankruptcy is a scenario in which you should especially be prepared. Good preparation starts early. In fact, even if you're in great financial shape, you might want to prepare yourself just by knowing what your plan will be should you ever have to file for bankruptcy.
This article will go over a few strategies that you may want to consider implementing in your financial life. Preparation is the key to handling bankruptcy successfully. Even those with the best money management skills could find themselves facing bankruptcy in the event of an emergency. The least you can do is follow the Boy Scouts motto!
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First Steps
The first steps of preparation begin well before bankruptcy is on the horizon. A good start is knowing which law firms in your area are the best at handling bankruptcy cases. Talk to friends, read testimonials, and familiarize yourself with the best of the best in the legal field.
Next, know the warning signs of bankruptcy. Sometimes debts that start off innocently enough can snowball and send you rolling into bankruptcy. Keep things under control, monitor your spending, and stay on top of your financial situation.
Mid-Stage
If you think that bankruptcy is immediately upon your horizon, then you'll want to get into high gear. Start thinking about which types of bankruptcy (Chapter 7, 13, etc.) are the best options for you. Consider which exemptions are most important to you, and find where they're covered in state and federal statutes. Having a bankruptcy attorney during this time is especially critical.
Late Stage
When you know you are filing for bankruptcy, it's time to really start implementing good money management strategies. Remember: don't use any credit during the 90 days preceding your filing. Any credit you have used will not be discharged in bankruptcy.
At this point, you should definitely have a bankruptcy attorney. While it is possible to file without one, it's never recommended that you represent yourself. Navigating the court system is no easy task and you want someone who's done it hundreds of times professionally.
Remember, anyone can end up filing for bankruptcy for a variety of unexpected reasons. The best thing you can do at any point in your financial life is to practice constant preparation. Start preparing yourself now. If you do end up filing for bankruptcy, you'll know how to go about it, making the process much less stressful!
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