For individuals who are anticipating an income loss, a temporary layoff or a permanent job loss, following these steps may prevent you from being forced into personal bankruptcy; if you are forced to file for protection under the US Bankruptcy Code, then these tips will help you preserve the assets that you have.
Plan ahead. Do what the corporations do before laying off workers – seek professional financial advice before making your financial decisions or developing a financial plan. Timing is everything if you anticipate tough financial times which may force you into bankruptcy. It is important to educate yourself about your financial options in order to preserve your assets to the maximum extent possible. Most bankruptcy attorneys and financial advisers offer free consultations.