You never want to be in a position where you have to file for bankruptcy. Then again, filing for bankruptcy is preferable to letting debt take complete control of your life. Working with bankruptcy attorneys at law can even make the filing process more manageable.

Individuals are susceptible to making all kinds of mistakes while they are going through the bankruptcy filing process. Many of those mistakes are preventable. Let's discuss those potential mistakes in greater detail below.

Filing for the Wrong Type of Bankruptcy

When filing for bankruptcy, you can file for either Chapter 7 or Chapter 13 bankruptcy. Those two types of bankruptcy are very different. Without the guidance of an attorney, you may fail to identify the best option for your current situation.

Chapter 7 bankruptcy allows you to discharge your debt quickly, but you may also lose your property after filing for it. Meanwhile, Chapter 13 bankruptcy allows you to retain your assets in exchange for committing to a long-term payment plan. Consult with an attorney so you can file for the right type of bankruptcy.

Failing to File Jointly When It's Advantageous

According to Debt.org, around 17% of debtors are single, 15% are divorced, and an additional 3% are widowed. That means the majority of debtors are married. Being married is something you can use to your advantage if you are filing for bankruptcy.

Married couples who file jointly for bankruptcy can enjoy greater property protections. You may not understand how to take advantage of that if you're unfamiliar with bankruptcy. Let your attorney explain what filing jointly entails. They can also tell you if filing jointly makes sense for your specific situation.

Making Mistakes in Your Bankruptcy Filing

A bankruptcy filing should accurately reflect your financial situation. Otherwise, it may not grant the protections you expected. It may even jeopardize your assets even further. Work closely with experienced bankruptcy attorneys at law so you can provide accurate and detailed filings. Even one small mistake can be detrimental to your case.

It's easy to make mistakes while filing for bankruptcy if you lack relevant experience. Don't let those mistakes derail your chances of breaking free from the burden of debt. Call Law Offices Of Rex J Roldan PC today, so we can provide the legal assistance you need.