Q: What are some steps I should consider before deciding to file bankruptcy?
A:
The very first step should be to contact a local bankruptcy attorney and schedule a consultation. Many will provide a short consultation at no charge, so be considerate and be prepared.
Many attorneys will have a worksheet for you to fill out and bring to your appointment. You need to know how much you make so bring a paystub for all jobs and your spouse's jobs.
You will need to know who you owe. So make a list of your debts both secured and unsecured such as houses, cars, credit cards and medical bills. It does not have to be down to the penny but it makes a difference if you owe $300, $3,000 or $30,000.
You will need to know what it costs to live. So make a budget. How much is rent, utilities, food, medicine, gas, child support etc? Take this with you to your consultation.
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