Tips for Filing for Bankruptcy: Part 1

woman removing credit card from walletIndividuals and businesses alike may think filing for bankruptcy is the only option when they are faced with excessive, seemingly uncontrollable debt. However, filing for bankruptcy is not your only option -and for some, it may not even be an option at all. If you know filing for bankruptcy is your only way out, contact McElrath Legal Holdings, LLC. for consulting and legal representation. Here are a few things to consider before filing for bankruptcy.

Access Finances
Get all of your finances in order. Know exactly what your income, expenses and total debts entail. Also, pay close attention to what caused your financial problem in the first place. Learn from your mistakes and think about how it can be avoided in the future.

Check Your Free Credit Report
Free credit report resources found online can provide you with information on all the creditors you owe in one place. There are some individuals who think that because the debt collectors have stopped contacting, they are now free from the debt they owe. This is not the case at all. You very much still owe that money back to your debtor, and you will see that on your free credit report.

These are two tips to consider before filing for bankruptcy. If you need consulting on financial planning or bankruptcy, you will want an experienced bankruptcy lawyer in Erie, PA, like McElrath Legal Holdings, LLC. Call 1-800-BANKRUPT today to inquire about our services.