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Tips to Use When Filing Chapter 7 Des Moines

Filing for bankruptcy has become more commonplace in recent years, mostly due to the reduced state of the economy. If you have found yourself with too much debt, you may think about filing for Chapter 7 Des Moines. But before you can file for bankruptcy, there are some tips that you should use to make things much easier.

Hire an experienced attorney – Even though Chapter 7 Des Moines is less difficult as compared to chapter 13, you might lose money if you don’t include debts or if you’re liquidating assets you would otherwise be able to keep. Someone who is experienced with Chapter 7 is going to be able to give you the advice that you need and help you save money.

Reduce spending before thinking of filing – Bankruptcy’s not easy street to becoming debt-free. The courts will do a test in order to determine if you’re eligible to even file. You’ll need to prove that you done your best to make timely payments but you can’t do it. If you aren’t filing for bankruptcy with good faith, it’s possible you may not be able to file or you may even have to file Chapter 13 which means most of the debt you have will have to be paid off.

Organize your paperwork – You’ll have to be able to provide proof when you’re at your hearing for Chapter 7. Collect up your paycheck stubs for several years, your tax returns from the past two years, and all of your financial documentation like investments and retirement funds. It’s also important to create a budget and decide how much is spent monthly and what you spend it on. Make this into a file and organize it so that it’s less stressful during your filing of bankruptcy.

Be mindful of co-signers – If any of your debts has a co-signer on them, Chapter 7 Des Moines bankruptcy might still mean they’re liable for making the payments if you include your debt in the bankruptcy. If you have had someone cosign for you, it’s best to not include that as one of your debts.

Filing for Chapter 7 Des Moines is never easy, but utilizing these tips above can help you a great deal.

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