No one looks forward to the prospect of filing for personal bankruptcy. However, as an experienced bankruptcy Las Vegas lawyer, I'd like to recommend several logical steps you might take to make the process as pain- and stress-free as possible.
Drain your bank accounts. Sure, you'll need to keep a balance on hand to pay bills, but don't keep more cash than you need in savings or checking accounts. It could trigger a bank levy, in which your creditors receive a judicial order to confiscate sums of money owed before you file your bankruptcy. It can be nearly impossible to get that money back.
Stop borrowing money. To bankruptcy court, a rash of credit card use or borrowing from commercial lenders or even friends and family members just before filing for bankruptcy can look premeditated. It might appear as though you're about to leave others holding the bag, and that spells “fraud” to authorities, so slow down on the borrowing.
Watch where you park your tax refunds. Bill collectors and creditors' lawyers know that when tax season hits, you might be getting a refund. So their strategy is to try to hit your bank accounts as soon as the sums are deposited. Turn it to cash as soon as possible or transfer it to a spouse or trusted someone not party to your debts.
Take steps to avoid wage garnishment. Don't tell the world where you work if you can avoid it. Read your credit bureau reports to see if your employer is listed. Keep the name out of social media. And beware the “credit inquiries” section of your credit report. If you have agreed to provide credit history information to a prospective employer, that company name provides a good lead for a bill collector looking for a source of wages to grab.
Act proactively. We know you can feel the walls closing in—bill collectors and lawyers calling, threats of wage garnishment or levies arising. Seems like a good time to take the phone off the hooks, refuse to answer the door and hide under your covers. But the problem's not going to go away. It will turn into a crisis soon unless you do something about it today. Contact a lawyer with bankruptcy experience. You can often make monthly prepayment agreements to make the cost of legal service more affordable.
As a bankruptcy Las Vegas attorney with significant professional experience in this area of the law, I'm eager to help. Make an appointment today and let us help you handle the pressure.