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Pre-Planning for Bankruptcy

Filing for bankruptcy is not a decision that should be taken lightly. It involves important legal decisions as well as possible tolls on your emotions that may cause you question your decision. Most people do not feel good about reneging on their debts, and bankruptcy often discharges a large percentage of what you owe. Therefore, it is very important that you understand exactly what bankruptcy involves and how it may affect you and your family.   One way to take control of the bankruptcy process is to engage in pre-planning before you file. The attorneys at Oswalt Law Group in Phoenix may be able to help you come up with a good plan for your bankruptcy that will allow you to manage the process successfully.  

What Is Bankruptcy Pre-Planning?

  Bankruptcy pre-planning refers to all the things that go into making a plan to file for protecting under the bankruptcy code. This includes the very basic decisions of which type of bankruptcy you will file, but it also includes other decisions and actions that will make your bankruptcy process smoother. Pre-planning often includes:  

  • Taking stock of your present financial situation. It is very important that your bankruptcy attorney have access to accurate and up-to-date financial information in order to file your bankruptcy correctly. This means taking a long, hard look at your debt and your assets. You should include any debt that you currently owe, no matter how small, including loans from family members and friends. Your attorney can tell you how these debts should be handled. It is also extremely important to list any assets, no matter how small, or risk having your case dismissed.
  • Discussing the treatment of your exemptions. It is best if you know in advance to what degree you can protect your assets. In some cases, you may be asked to make a decision between exempting one asset over another. Be sure to talk with your attorney about all of your options.
  • Making a plan for the future. Pre-planning can be the place to begin planning for the future, as well. How will you handle your finances after bankruptcy? What assets will you have left and how can you best utilize them to start a new life?

  The attorneys at the Oswalt Law Group in Phoenix can help you pre-plan your bankruptcy and make the most of the opportunity to discharge your debts and begin your financial life with a clean slate.

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