Citrus Heights Bankruptcy Lawyer Voted Top 3 In Sacramento
Bankruptcy Lawyer Pauldeep Bains has been voted Top 3 in the Sacramento area for back-to-back years. Mr. Bains operates a Bankruptcy Law Practice with a designated focus on Chapter 7 and Chapter 13 Bankruptcy filings. Mr. Bains has assisted thousands of people spanning back to 2009 and continues to do so today.
During Mr. Bains’ career, he has experienced various different scenarios in bankruptcy cases. That experience coupled with his knowledge of the Bankruptcy Law, Mr. Bains is able to provide his clients with real life advice when they are considering filing for Bankruptcy relief. For residents of Citrus Heights, considering Bankruptcy is a huge step. Getting the proper advice from a respected Bankruptcy Attorney is even more important. Please read this article below written by Citrus Heights Bankruptcy Lawyer Pauldeep Bains to further educate yourself on both Chapter 7 Bankruptcy and Chapter 13 Bankruptcy.
Things To Do Before Filing Bankruptcy In Citrus Heights
- Conduct Your Own Research
Having a foundation of Bankruptcy Law and options you have when filing for Bankruptcy in Citrus Heights is an excellent place to start. In today’s society, we have an abundance of information at our fingertips on the internet. Some of this information is obviously flawed so do be careful when doing your research.
That being said, do conduct your own research. Find a bankruptcy law firm that has a good website with trustworthy information. Review the content on there to give yourself a good foundation to start your bankruptcy process. Review the differences between Chapter 7 and Chapter 13. Review the process of filing for bankruptcy. Get a basic understanding of what the Means Test is because this will be important as to whether Chapter 7 or Chapter 13 is the better option for you. This will give you good foundation to start with when you interview a potential Bankruptcy lawyer.
- Speak With A Reputable Citrus Heights Bankruptcy Lawyer
Filing for Bankruptcy relief is done so in the Federal Court system. Everything you file with the Bankruptcy Court is done so under penalty of perjury, meaning if the information you file is inaccurate, you could face severe penalties. This is one reason why having a reputable Citrus Heights Bankruptcy Lawyer assist you during this process is crucial. A knowledgeable attorney will be able to make the process much more efficient and smoother for you.
Moreover, Bankruptcy Law is a very technical process that requires a high understanding of various different laws. Each case is different based on the facts of that actual situation. Certain things that you might not look into on your own or consider as important could turn out to be very important in your bankruptcy case. Filing under the wrong Chapter could be the difference between a successful result and your assets being taken from you and sold. Having knowledgeable counsel in your corner is important in order to receive the success that you are looking for.
- Make Decisions Based On Facts And Logic---Not Emotions
Finances are an important part of all our lives. More importantly, finances can lead to high emotions, both good or bad. Specifically, when finances are going bad, the process of fixing those finances leads to an emotional reaction that can cloud your judgment. While this is very likely to occur, it also makes the process of making logical decisions more difficult.
A good bankruptcy lawyer should be able to fully understand your situation and be empathetic to your situation. In the same token, that bankruptcy lawyer should be able to analyze your situation based on the facts and provide you a logical solution to your problem without being bogged down by an emotional reaction. This way, you are getting the best possible suggestions rather than getting suggestions based on emotions. You will find that a logical analysis when dealing with finances results in better results than an emotional analysis in most situations.
- Provide Your Bankruptcy Lawyer With All Requested Documents
No matter how good the Bankruptcy Lawyer is, you still need to cooperate to ensure that the case is completed successfully. Part of your job in the whole process will be to gather certain documents and provide those to the Bankruptcy Lawyer’s office. Some documents you will need to provide are bank statements, proof of income, tax returns, etc.
If you want your case to run smoothly and ultimately be a success, take the time to understand what you will need to gather for your Bankruptcy Lawyer. Take the time needed to gather those documents in full. If you have questions regarding any of those documents, reach out to your Bankruptcy Lawyer or their staff to get your questions answered. If your Bankruptcy Lawyer provides you a deadline date, make sure you adhere to that date and ensure everything is 100% completed by that date. Remember, your lawyer will only be able to help you as much as you are willing to follow their instructions and advice.
- Review The Bankruptcy Documents In Detail Before Signing And Filing
Understanding what you and your Bankruptcy Lawyer ultimately file with the Bankruptcy Court is a must. Since these documents contain technical information, your Bankruptcy Lawyer should explain and review them with you. The documents will also contain a lot of personal financial information. Make sure all of the information is completely accurate to avoid potential issues once the case is filed. You will also be signing these documents under penalty of perjury. By doing so, you are admitting to the Bankruptcy Court that you did in fact review the documents and the information contained in them is fully accurate.
- Stop Accruing Additional Debt
Congress has rules in place regarding accruing additional debt and fraud when filing for bankruptcy relief. One of these rules punishes people when they continue to accrue debt when they knew they were filing for Bankruptcy relief. The rule in place has a 90 day look back period wherein the assumption is that any debt you accrued within the 90-day period prior to the filing of the Bankruptcy was accrued in a period of time where you knew you were going to file for Bankruptcy relief.
If this is the case, the Court could order that you cannot eliminate that debt. This could be a huge problem because it would leave you with this debt that you still need to repay even after your bankruptcy is complete and your other debts were discharged. There are exceptions to this but the basis of the rule is as described above.
- Ensure All Of Your Creditors Are Disclosed
Having all of your creditors listed on the Bankruptcy filing is extremely important. Part of the Discharge analysis is based upon the creditors receiving notice of your Bankruptcy filing. If they do not receive notice of your case, they technically have not been discharged. That being said, be very detailed with reviewing your creditor list before your case is filed. Even though your attorney can pull your credit report on your behalf and ensure all of those creditors get listed, they truly have no way to know if you have any creditors that do not appear on the credit report.
For example, if you owe a medical bill for an emergency visit that you suffered, there is a good chance that it will not appear on your credit report. If you owe a former friend some money from a loan they gave you, there is an even higher likelihood that it will not appear on your credit report. Thus, take the time to ensure everyone you owe money to is accurately listed on the bankruptcy filing so you get the full Discharge that you are eligible to receive.
- Make Changes To Your Budget So You Won’t Need To File Bankruptcy Again
Filing for Bankruptcy relief in Citrus Heights can be a life changing event for people that are truly in need of a fresh start. However, if you end up in the same situation again in the future, you aren’t getting the full benefit of the fresh start that Bankruptcy gives people. In certain cases, there are things out of your control that happen that lead you to file Bankruptcy. However, there are also plenty of cases that boil down to the person not having a budget in place. A good budget is a very important way to ensure your finances are running smoothly. Take the time to create a budget---and stick to it.
Things Not To Do Before Filing For Bankruptcy In Citrus Heights
When a person begins suffering a financial hardship, they should immediately speak with knowledgeable counsel during a free consultation. By doing this, they will avoid making crucial mistakes that could negatively impact the way their future bankruptcy case goes.
- Do Not Take The Process As A Joke
As the old saying goes, you can lead a horse to water, but you can’t force it to drink. In a financial context, you can hire the best bankruptcy attorney in town, but if you are unwilling to take the process seriously and do the necessary work to complete your bankruptcy case and get your finances cleaned up, you are hurting yourself. If you are hiring a bankruptcy lawyer, you obviously trust their advice or you shouldn’t have hired him or her in the first place. That being said, listen to their advice and the instructions they give you. Take the time to complete the work that the attorney has told you to complete. Without you doing this, your bankruptcy case cannot go anywhere.
- Do Not Lie To Or Withhold Information From Your Citrus Heights Bankruptcy Lawyer
A lot of people falsely think that if they don’t tell their bankruptcy lawyer damaging or potentially damaging information regarding their finances, it will go unnoticed and it won’t affect their bankruptcy case. That is absolutely incorrect. If your bankruptcy lawyer doesn’t have a full picture of accurate information regarding your finances, there is no way they can properly represent you in your bankruptcy case. Also, the legal advice that they even give to you might not even be correct because the bankruptcy lawyer doesn’t have the full picture. Always be 100% honest and complete with your bankruptcy lawyer. This will ensure that you are able to get full and proper advice and information from your bankruptcy lawyer.
- Do Not Try To Hide Assets
When filing for bankruptcy relief, assets play a huge rule in how your case will ultimately turn out. In a Chapter 7, the debtor is authorizing the Bankruptcy Trustee to liquidate your non-exempt assets and use those funds to pay creditors. In a Chapter 13, the debtor is entering into a 3-to-5-year payment plan to pay back certain debt. One of the items the monthly payment plan amount is based on is the amount of non-exempt equity debtors have in their assets.
That being said, hiding these assets from the Bankruptcy Court is not advised and can get you into further trouble. Some people attempt to transfer assets to friends or family before they file for bankruptcy relief. Others try to avoid telling their bankruptcy lawyer about certain assets they have. It is strongly advised to not do this. Be fully honest with your Bankruptcy Lawyer.
- Do Not Try To Run Up Your Credit Cards
Fraud is looked at very seriously by the Bankruptcy Court. If you know you are going to file for bankruptcy, do not continue to use your credit cards. Doing so will be looked at in a negative light by the Bankruptcy Court. In extreme situations, the Bankruptcy Judge could require you to pay back those charges even though you filed for bankruptcy relief or even deny your Bankruptcy Discharge. Congress created the Bankruptcy process for honest people that need a fresh start with their finances, not for people trying to cheat the system.
- Do Not Give Assets Away
If you give assets away prior to the filing of your bankruptcy case, the Bankruptcy Court could claw back that transfer and then liquidate that asset for the benefit of your creditors. Again, the best course of action is to be honest with your Bankruptcy Lawyer so he or she can properly advise you. Filing for Bankruptcy in Citrus Heights is a great way to get a fresh start but you can damage that benefit by giving assets away before the filing.
- Do Not Rely On Advice From Friends or Family Without Consulting Your Bankruptcy Lawyer First
It’s great to speak with friends and family who have gone through a Chapter 7 or Chapter 13 Bankruptcy filing. However, it’s also important to take some of the information they provide you with a grain of salt. Each case is different. Bankruptcy rules are ever changing and each District has their own Local Rules. A friend can tell you to do something but in reality, that action could actually harm your case. If you are considering filing for Bankruptcy in Citrus Heights, please speak with a knowledgeable Bankruptcy Lawyer who can give you legal advice based on his or her experience and knowledge.
Things To Do After Your Bankruptcy In Citrus Heights Is Finished
- Live Within Your Means---Do Not Overspend
Having a budget in place will drastically help you with this. Get a reasonable budget set and stick to it. If your income changes, you can adjust your budget. If a new expense comes about in the future, you can make adjustments. But having a budget in place is crucial to financial success. Do not spend based on what you see online or based on what others are spending. Spend according to your budget.
- Get A Secured Credit
Getting credit after the bankruptcy is complete might sound scary but it can help you in the long term. A credit score is an analysis of how risky creditors view you as. The higher score, the less risk you are viewed as. In order to improve your credit score post-bankruptcy, getting a secured credit card can fast track that process. A secured credit is where you put a deposit down at a bank and the bank uses those funds as collateral to the credit card that they give you. Spend 30% of the max limit each month on essentials. Pay the bill in full at the end of each month. You will quickly start seeing your credit score increase month over month.
- Pay Your Bills On Time
This might sound obvious but it needs to be said---don’t miss payments. If you miss a payment, the creditor can report that to the credit bureaus. That will be a negative on your credit score and will reduce your credit score. Also, missing payments puts you at risk of dealing with late payments and interest, or even lawsuits. Pay your bills on time each month to set up financial success after you have completed your Bankruptcy in Citrus Heights.
- Start Saving
Data show that the majority of society doesn’t have enough money in their savings account to cover a $1,000.00 emergency expense. As we have all likely seen, these emergencies come up when you least expect it. Rather than having to take on additional debt to cover such expenses, start saving money. Part of your budget should be stashing money into a savings account. This will not only help you be consistent with your budget, but also will help you deal with unexpected expenses when they come up.
- Invest Into Your Retirement
Nobody can---or wants to---work forever. That being said, start investing into your future by putting money away consistently into a retirement account. If your job offers an employer match, undoubtably take advantage of that---it’s free money!. Even if your employer doesn’t match, budget a certain amount of your own funds into retirement. It might take some getting used to in the short term. However, after consistently doing this, you’re going to have drastically increased your retirement account balance and set you up for a much stronger financial outlook.
Find A Citrus Heights Bankruptcy Attorney Near Me
There is a lot of things people need to know before they file for bankruptcy relief in Citrus Heights. Having knowledgeable counsel is generally step one of that process. Please click HERE and schedule your free in person or phone consultation with Citrus Heights Bankruptcy Lawyer Pauldeep Bains or give us a call us at 916-800-7690 and schedule your free consultation.