subject: First Steps In Financial Trouble [print this page] First Steps In Financial Trouble First Steps In Financial Trouble
Each year in this country, millions of Americans decide to file for personal bankruptcy. Although each individual case is certainly different, there are usually a few general options or last resorts that Indianapolis bankruptcy attorneys may recommend to his or her client. There are so many things to think of and bases to cover when filing for bankruptcy. One of the first things that most Indianapolis bankruptcy attorneys may advise their clients of is to inform their creditors of their intent to file for personal bankruptcy. Now this can only be done after the retainer's fee has been paid to the Indianapolis bankruptcy attorneys. The retainer's fee signifies the client's intent to file for bankruptcy as well as the attorneys decision to represent the client with regard to that matter. Once that fee has been paid, the client can then supply the attorneys name, address and telephone number to each of their creditors. From that point, the phone calls, letters, and any other forms of communication for the purpose of collecting on a debt must cease. By law, once notified, the creditors must direct their efforts to the attorney handling the specific case. This can help stop any annoying or harassing telephone calls that can get overwhelming in some situations. Another thing that you may want to do is to immediately evaluate your spending habits. Creating a daily debt diary is not a bad idea. Recording the money that comes in and goes out will help target where you problem is and hopefully how to fix it. If your funds are already low you may have a difficult time securing money to pay for your attorney which can cost a few hundred dollars. Being aware of where your money is going is going to be critical in the post bankruptcy recovery process so getting into that habit early will be important.
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