People go bankrupt for a variety of reasons. According to CNBC, 67% of people had stated that medical expenses were the reasons that they filed for bankruptcy, making it the most common. With that in mind, there are some things that bankruptcy attorneys wish that people knew before filing. Here are a few from our experts.

Research All Options

Creditors will often offer favorable terms to people who are struggling so that they can at least recoup something. These things include payment plans, forbearance, and even lowering interest rates on loans. The money may come in slower, but it will still come in a way that allows the debtor to meet their obligations. Keep an open line of communication with your creditors and see if there are any feasible ways to settle. To ensure the option you're choosing is the right one for your financial needs, schedule a free consultation with a local bankruptcy attorney.

Prepare for Recovery

Once the bankruptcy process is complete, you'll come out of it without debt, but your credit will be adversely affected. However, this isn't permanent. Attorneys want their clients to work with a financial advisor while going through the process legally. That way, you can plan for your future following the proceedings. Find an attorney with decades of experience in order to be connected with a financial advisor that has a history of assisting clients.

Trust the Process

People sometimes file for bankruptcy thinking that they can decide the terms of their bankruptcy. The courts are responsible for that. Your assets are counted but your current financial situation, dependants, and other factors are considered. It's advised to start the process with attorneys on your side. That way, you're never blindsided with Chapter 7 bankruptcy when preparing for Chapter 13, or anything similar.

There are a lot of resources that you can turn to first before you find yourself standing in a bankruptcy courtroom. Unfortunately, predatory loaners, quick cash businesses, and others may seem to offer an easy solution with no visible drawbacks. If you're already working with attorneys, have them look over any possible solutions to verify if it's a smart decision or a scam. Here at Chris Carouthers & Associates, our legal and financial experts can help you navigate through this tumultuous time. Contact us today to schedule your consultation.