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Focus on these details as you move toward bankruptcy

Do you have reason to believe that filing for bankruptcy is the best way to improve your finances? If so, you may be ready to move forward in the near future. However, before doing so, you must first learn more about the process as a whole.

Some of the many details that deserve your attention include:

-- An understanding of the pros and cons of both Chapter 7 and Chapter 13 bankruptcy.

-- An examination of bankruptcy alternatives, such as debt negotiation or debt consolidation.

-- Eligibility requirements. Do you qualify for Chapter 7 bankruptcy? If not, are you okay with the idea of filing for Chapter 13?

-- Make a list of your assets and debts as to better understand the finer details of your situation.

-- Gather all the necessary financial documents. For example, you'll want to collect recent tax returns, wage stubs and proof that you received credit counseling.

Since no two people are in the same position, you may not need to focus on all of these details. For example, you may already have a list of your debts and assets because you have been trying to solve some of your financial problems.

On the surface, filing for bankruptcy appears to be a straightforward process. However, as you learn more, you'll realize that there are many questions to answers and details to address.

It's important that you know exactly what this process entails, as it's the only way make informed and confident decisions that will put you in a better position in the near future.

Source: FindLaw, "Chapter 7 Bankruptcy Checklist," accessed April 11, 2017

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