MenuSkip to contentHomeSample PageMy BlogMy Wordpress BlogSimplifying The Bankruptcy Red Tape For YouPosted on May 23, 2014 by adminFairfax Bankruptcy AttorneyCheck out this: Fairfax Bankruptcy Attorney Herndon Bankruptcy Lawyer Reston Bankruptcy Lawyer More and more people have been filing for bankruptcy, as sad as it may be. But, before deciding to take this big step, it is important that you are educated on bankruptcy, and what it entails. The following article is going to give you that education so you make the best bankruptcy choices.One you realize you are in financial trouble and have decided to file for personal bankruptcy you should move quickly. Waiting to the last minute to file bankruptcy can cause a number of issues. You may face negative repercussions such as wage or bank account garnishment or foreclosure on your home. You can also not leave time enough for a thorough review of your financial situation, which will limit your available options.Keep your debts to a minimum prior to filing. Don’t run up your debts if you are planning on filing for bankruptcy. Your recent history will be checked by creditors and judges, and if it is deemed that you are trying to cheat the system, you may not be able to wipe out those debts. You will be viewed most favorably, if you can demonstrate that you have changed your spending habits.A critical tip in filing personal bankruptcy is to steer clear of making payments to creditors, in advance of filing a petition, in an attempt to satisfy individual debts in full outside of bankruptcy court. Payments to family creditors and members made within defined periods of time prior to a bankruptcy filing can be voided and can jeopardize the chances of receiving a discharge of all debts in the case.A great tip for filers of personal bankruptcy is to thoroughly prepare for the initial meeting with the bankruptcy attorney. By assembling every piece of relevant financial documentation, including mortgage documents, auto finance agreements, credit card statements, tax records and bank statements, you can be certain that your bankruptcy petition and supporting documentation includes all information required for a comprehensive filing.Make sure that you pay all of your bills on time, since this will contribute to 35 percent of what is on your credit report. If you are trying to rebuild your credit after you have had to file for bankruptcy, this looks good. Making on-time payments will increase your credit score.When filing for personal bankruptcy, be honest about the state of your finances in your documents. It isn’t a help to you at all to hide assets or additional income. In fact, doing so could lead to your bankruptcy petition being dismissed and you having to refile again. This is wasted time you may not have.Consider Chapter 13 bankruptcy, if you chose to file. If you are receiving money on a regular basis and your unsecured debt is under $250,000, you may be able to file Chapter 13 bankruptcy. Not