Filing for bankruptcy can help you eliminate or regain control of your
financial obligations. Keep in mind, it may not be the only option for
you to consider, but many see it as a last resort when they have done
other actions to try and resolve financial issues. Bankruptcy experts
and credit counselors even suggest reviewing multiple options before making
the decision to file. In doing this, there are a few actions you can do
prior to filing that can help you see your situation from another perspective.

  1. Talk with an attorney– Even if you think filing isn’t something you will do in the immediate
    future, you can still review
    bankruptcy laws to get advice and knowledge you may find useful in the future. Since the
    filing process includes complex laws, it is suggested you work with an
    attorney instead of filing on your own.

  2. Complete credit counseling through a government approved agency– This is a filing requirement you can do up to 6 months before you file.
    This can help you review budgeting and other financial aspects of your
    situation, while looking at where you want to be in the future.

  3. Review your credit report– If you decide to file this can help you make sure all creditors or outstanding
    debts are included when your petition is completed. Some debt collectors
    may cease contacting you for payment, but it may be on your credit report
    as a valid debt you still owe.

  4. Review your finances to understand where your money is going– This includes income, expenses, and your overall budget. Note why you
    are having trouble making payments and whether you can make changes in
    the future to avoid debt accumulation.

  5. Notify your creditors– You may need to notify debt collectors or creditors of your filing. If
    they continue to pursue you should report their actions to your attorney.