Things to think about before filing bankruptcy

Bankruptcy Lawyer Bryan W. Stone answers the question: “What are my alternatives to bankruptcy?”


Deciding to file for bankruptcy protection is a big step and one that can cause a lot of stress for the person trying to decide whether to take the plunge. Given the importance of the decision, it’s a good idea to be sure that you’ve taken sufficient time to think before moving forward. The following are some things worth keeping in mind as you consider filing for bankruptcy protection.


Charlotte Bankruptcy Lawyer ChecklistConsider all your options


Those experiencing financial problems sometimes feel as if they’re trapped and don’t have any options. This feeling of being trapped can compound the stress of your troubles, making you believe you don’t have any control over your life or your future. If that’s you, take a deep breath. Understand that you always have options. For one thing, you could consider negotiating with creditors and managing your financial trouble that way. Debt consolidation is another possibility. Though bankruptcy can do a lot of people a lot of good, it may not be right for you, at least right now. Don’t act rashly, instead think through your options and be sure that however you move forward, you’re comfortable with your chosen path.


Do your homework


It’s crucial that those considering filing for bankruptcy do their homework. For instance, before you file you need to be sure you understand your current financial situation. You can’t simply rely on the bankruptcy trustee or your creditors to report all the correct information. You need to play an active role in the process and be sure that you are being treated fairly throughout. It’s also important that, as part of doing your homework, you spend time thinking through what your financial future will look like post-bankruptcy. Do you have the money you need to survive? What about your access to credit? Once you file it’s likely creditors won’t be as interested in loaning you money in the short-term. Are you prepared for that? Be sure that you understand what happens next before taking such an important step.


Don’t do it alone


A final bit of advice is to seriously considering reaching out to an experienced bankruptcy attorney to assist in the process of deciding whether to file. The bankruptcy world is a confusing one, with federal and state regulations, court papers to file and hearings to attend. Relying on someone who knows the process inside and out can be a huge relief given the many other concerns on your mind. An attorney can also save you time and money, avoiding wasting time on issues that someone new to the system may not be aware of. Skilled attorneys will also advocate on your behalf and ensure that you navigate your way through the process as smoothly as possible. Though you may not be interested in spending the money, a good lawyer can save you far more in the long run. It’s worth asking around and taking meetings, seeing how you feel and making a decision after gathering all the facts.


If you are contemplating bankruptcy in the Charlotte area, please call the skilled lawyers at Arnold & Smith, PLLC find additional resources here. As professionals who are experienced at handling all kinds of bankruptcy matters, our attorneys will provide you with legally sound advice for your particular situation.


About the Author

Kyle Frost Bankruptcy Lawyer Student loan attorneyKyle Frost joined Arnold & Smith, PLLC in 2013 where he focuses his practice on all aspects of civil litigation and bankruptcy, including: Chapter 7, Chapter 11, Chapter 13, home loan modifications and landlord-tenant issues.

Born and raised in upstate New York, Mr. Frost attended the University at Albany on a Presidential Scholarship, graduating magna cum laude with a double major in Political Science and Sociology.  He went on to attended Wake Forest University School of Law in Winston Salem, North Carolina.

Following college, Mr. Frost spent over a year teaching English in South Korea. He worked in a private school in Seoul developing curriculum, English programs, and educating both children and adults that were interested in learning a new language.

In his spare time, Mr. Frost enjoys homebrewing, fishing, and travelling.





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