Last year I had some financial difficulties and I couldn't pay off my debt. The uncertainty of my financial future was adding to my already stressful life. After months of worry, I finally decided to contact a bankruptcy attorney. After discussing my options with the attorney, I decided to file bankruptcy. My name is Kyle Diggler and if you're struggling with debt and considering bankruptcy, I'm here to help you. I'm not an expert, but I want to share my story and my experience of filing bankruptcy with others who are in a similar situation. As you read my blog, you'll learn all about the bankruptcy process so that you'll know what to expect. I'll also share some tips to help you start your life over financially. I hope that my blog answers all the questions you have about filing bankruptcy.
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If you plan to file for bankruptcy in the coming year, now's the time to start making the preparations. You should never go into bankruptcy without being properly prepared. Lack of preparation can lead to serious consequences. In fact, if you're not prepared when you file for bankruptcy, you run the risk that your case will be denied. As soon as you know that you'll be filing for bankruptcy, you need to start taking the steps that are described below.
Start Saving Your Pay Stubs
If you're employed, you need to start saving your pay stubs as soon as possible. When you file for bankruptcy, the courts use your income information to determine whether you pass the means test. The means test looks at your income for the past several months – usually about the last six months. Your pay stubs are the best way to confirm your income. If you're self-employed, you'll need to keep receipts for the income you bring in. It's also important that you maintain copies of all your 1099s. Those are useful in determining income when you're self-employed.
File Your Federal Taxes
In addition to proving your income eligibility through the means test, you'll also need to prove past income as well. The best way to do that is through your tax returns. The bankruptcy court will require at least the past years' tax return. However, if you file for bankruptcy right after the current tax season ends, you'll also need to provide copies of your most recent tax return. Your tax returns will also be used to determine whether your reported income for the means test matches the income reported on your tax returns.
Understand Your Student Loan Rights
If you have student loans, don't automatically assume that they can't be discharged. While it is difficult to have your student loans discharged through bankruptcy, it's not impossible. In fact, under certain circumstance, you can have your student loan debt discharged through bankruptcy. However, you'll need to prove that your economic problems are long-term, that paying your student loan payments will create an economic disadvantage for you, and that you've been trying to meet your obligations.
Consult With an Attorney
If filing for bankruptcy is inevitable, you need to consult with a bankruptcy attorney. Don't make the mistake of trying to navigate bankruptcy proceedings on your own. That's the quickest way to run into trouble with your case. Before you file any paperwork regarding your bankruptcy, speak to an experienced bankruptcy law firm today.
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