Prepare for a Bankruptcy


The first step in preparing for a bankruptcy is contacting a bankruptcy attorney. Before you thought about filing for bankruptcy you probably spent a lot of time thinking about it, preparing mentally for what will happen when you file bankruptcy. Now that you've decided to file bankruptcy there are some additional steps you must take to prepare for the bankruptcy.

The first thing to do before your bankruptcy is to look at your basic financial situation. There are three aspects you need to know inside and out when you file bankruptcy: your assets, your debts, and your monthly living expenses. You'll have to provide this information to your bankruptcy attorney and to the bankruptcy court so it's important to take a close look at your finances.

As mentioned above, you'll need to collect information regarding your current assets, including any payments or income you regularly receive; your debts, delinquent and ones you are paying; and your monthly expenses. Having all of this information neatly organized will save you a lot of hassle.

You should also keep track of the creditors (or collection agencies) that contact you and make note of their names, numbers, and times they call. It's useful to turn this information over to your Chicago bankruptcy attorney as he'll notify them that you've filed bankruptcy.