Common Mistakes When Filing for Bankruptcy

20/01/2014 14:49

There are a lot of people who just file for bankruptcy not knowing what they are getting themselves in to. People should be educated first on how bankruptcy and its filing works as well as the timing that would be involved. A person can easily edify themselves with the help of the internet, they can do a self study and read articles involving legal websites that would help them learn more about the process of filing for bankruptcy. Make sure that the article you are reading is published within your area and is a current article.

 

The laws might change when filing for bankruptcy, so if you are studying an article that is old, the information you just learned about might not be even valid today and might not even apply to what you are filing. It would still be best for a person to ask advice from a professional bankruptcy attorney to help them learn more about bankruptcy besides the research and self study they have done. There are many bankruptcy attorneys who would be glad to give you a highlight about the process of bankruptcy and would be more willing to offer you a free consultation that you desperately need.

 

When you happen to be a consultation already, it is advised that you take a tour around and maybe ask as many questions as you may about the law firm and the attorney himself. This is the best time for you to observe the attorney you are talking to if he or she is the right one you should go to in working with the individual bankruptcy filing. You should be able to tell the Sexton & Wykoff bankruptcy attorneys about everything regarding the financial crisis your are currently in and the position you are in as well. This way, you are giving the attorney a highlight about your situation and will help him or her understand your situation and concern's about filing for the bankruptcy petition. When the attorney sees that your decision in filing for bankruptcy is not right, then they will usually tell you the truth and discuss with you another option to take to save you from your current situation.

 

Make sure you have already filed for bankruptcy before paying any of your family members as well as the creditors of your company or the business. As the bankruptcy code has stated, it is considered a favored or special payment to pay one creditor over the other even if both are just equal. You can check this helpful resource at https://sextonandwykoff.com/practice-areas/knoxville-bankruptcy-attorney/.