So you’re thinking about filing for Bankruptcy? Debt is a growing problem in this nation, and new laws were recently passed in 2005 that make it more challenging to qualify for Bankruptcy. Reinherz & Reinherz Law offers Bankruptcy services in New Jersey and the Philadelphia area, and we are here to help! Please contact our office, and an experienced Bankruptcy attorney will review your unique circumstances to help you determine the best course of action to take… even if Bankruptcy isn’t the right option.

Here are some things you should do before filing for Bankruptcy:

1. Gather any relevant documents and financial records which will verify all debt and income. Review these documents personally to determine if there are any lifestyle adjustments which could be made to create a working budget to repay existing debt (without filing for a Bankruptcy.)

2. Stop using credit cards! Bankruptcy laws strongly suggest not using a credit card for 90 days prior to filing, and longer is better.

3. Evaluate your assets. If you are not one to keep a tangible record of assets and debt, there is no better time to start than now. Assets that are considered material, such as an additional TV set, a second vehicle, or other valuable items can be sold to repay some of your debt. Meanwhile, build a strict budget and stick to it!

4. Contact one of our Bankruptcy attorneys immediately, for qualification and pre-Bankruptcy planning.

Your unique circumstances are the key factor in determining exactly which steps to take; so contact our office today to receive personalized attention and guidance through this difficult time in your life.