{"id":2742,"date":"2020-01-30T04:03:03","date_gmt":"2020-01-30T04:03:03","guid":{"rendered":"https:\/\/farmerwright.com\/?page_id=2742"},"modified":"2022-11-18T03:19:32","modified_gmt":"2022-11-18T03:19:32","slug":"preparing-bankruptcy-information","status":"publish","type":"page","link":"https:\/\/farmerwright.com\/bankruptcy\/preparing-bankruptcy-information\/","title":{"rendered":"Preparing Bankruptcy Information"},"content":{"rendered":"
If you\u2019re in financial distress, you may feel compelled to petition for bankruptcy<\/a> to get out of debt. The first thing you have to do before filing bankruptcy is to figure out your financial situation. Oftentimes, people who approach bankruptcy lawyers<\/em> for help in filling out bankruptcy forms and other preparation work for declaring bankruptcy<\/a> don\u2019t realize how big their financial problems truly are. This process will give you a close estimate of your financial situation. With this, your Kentucky bankruptcy attorney<\/a> can have a better idea of what debt relief solutions are suitable in your case.<\/p>\n A bankrupt debtor who files for bankruptcy protection with the bankruptcy court is required to disclose all assets, even those typically included in the list of bankruptcy exemptions, as well as give an estimate of each property\u2019s current value. Certain assets are easy to value, e.g. bank account funds, life insurance, stocks, and certificates of deposit. Other assets such as real estate, furniture, and vehicles are not quite as easy.<\/p>\n What a bankruptcy lawyer would typically advise is to value household items as if they were to be sold at a garage sale and real estate as if it was to be sold at an absolute auction. Don\u2019t make the mistake that most debtors make of overestimating the value of personal property because of sentimental attachment to the items.<\/p>\n Another thing you can do to gauge the value of your possession is to see what similar items cost on eBay or Craigslist. Meanwhile, vehicles can be valued based on what\u2019s on Edmunds.com and other related sites, although it\u2019s also important to factor in condition and mileage when putting a price on them.<\/p>\n Real estate, on the other hand, can be valued based on the current tax bill which indicates what the property value administrator of its county thinks it is worth. Online, Zillow.com and other similar sites can give an idea of how much properties in the area are going for.<\/p>\n
\nTo ascertain that you should actually file for bankruptcy protection, get a clearer picture of your household finances. To do so, you need to take the following steps.<\/p>\n\n
What Are Your Assets?<\/h3>\n
What Are Your Debts?<\/h3>\n