Student Loans and Bankruptcy

Student Loans and Bankruptcy

What Bankruptcy Attorneys Recommend To Those About To File For Bankruptcy

Roy Sanders

If you've found yourself in a serious amount of debt, filing for bankruptcy may be the only way out. If you're contemplating this as a real option, it's important to consider the following advice from bankruptcy attorneys. It will help you get through this process smoothly. 

Carefully Assess Your Finances First 

Since filing for bankruptcy can affect your finances for quite some time, it's important to decide if this is really the route you should take. Before filing any type of bankruptcy form, make sure you thoroughly look at your finances.

First, see if there's any way you can repay the debt you owe. It always helps to talk with a financial advisor. They can look at your financial situation, assessing your debt and earning potential. If there's no possible way for you to pay back what you owe, this advisor will let you know. You can then feel more confident pursuing bankruptcy as a means to get your finances back on track. 

Don't Rack Up New Debt 

Your finances are probably not great if you're having to file for bankruptcy. This makes it all the more important to not rack up even more debt before fixing to file. This wouldn't look favorable from a financial standpoint.

In fact, if you rack up new debt within a certain window of filing for bankruptcy, this could be considered a form of fraud. Not only will you then not be able to file for bankruptcy, but you may also have to face serious legal consequences. Don't let this happen to you. Just be smart with your money from here on out.

Be Honest and Accurate 

When it comes to filing for bankruptcy, honesty and accuracy are both key. You'll need them in order to move this entire process along. Making any mistakes could result in a delay, or, you may be charged with bankruptcy fraud. You don't need this type of stress.

Whatever papers you file for bankruptcy, make sure they're complete and accurate. It helps to have someone look over your personal and financial information just as a precaution. Once you've checked everything multiple times, you can feel more confident about submitting the necessary documents.

Bankruptcy is often associated with a lot of negative things. However, it may be the only option you have left. If you're in this financial situation, make sure you do exactly what your bankruptcy attorney recommends. Their advice can help you look towards a brighter financial future. 

Speak to a law firm near you, such as James Alan Poe, P.A., for more information on the next steps to take.


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About Me
Student Loans and Bankruptcy

Thank you for visiting my website. My name is Melanie. I am a 31-year-old woman who recently found myself unable to pay my bills following a devastating divorce. I created this website because I know there are a lot of misconceptions out there about filing for bankruptcy when you have student loans. I read about many of these misconceptions when doing my own research. Ultimately, I hired an attorney who helped me learn the truth. If you have loans, you may be able to get them discharged, though it is challenging and rare. If you are drowning in debt and have student loans as well, I hope my website helps you learn about bankruptcy and how student loans may affect it.