Nobody expects that they would ever file for bankruptcy. In some situations, this is the only choice, and learning about the process is crucial. This article will give you some great advice to help decide if filing for bankruptcy is the right option for you.
A key tip for those filing a personal bankruptcy petition is to always be completely honest in all documentation. Do not hide any income or assets or go on a spending spree before filing for bankruptcy: the court will find out and will not have a positive opinion of you.
Unsecured Credit
It can be difficult to obtain unsecured credit once you have filed for bankruptcy. This being the case, look at secured card options. By doing this, you will be letting people know that you want to fix your credit score. After some time passes they may be willing to offer you unsecured credit.
Instead of getting your lawyer from the yellow pages or on the Internet, try your hardest to find one with a personal recommendation. You want your bankruptcy to go smoothly, and the Internet is rife with fly-by-night companies whose only goal is to prey upon the financially desperate.
Hire a lawyer if you plan on filing for bankruptcy. It is difficult to make all of the necessary decisions yourself, and expert guidance will be helpful. A qualified bankruptcy attorney will guide you through the steps and help you do everything properly.
Before declaring bankruptcy, be sure you’ve weighed other options. For example, consumer credit counseling services can often help you figure out a workable repayment plan with creditors. You may also find success in negotiating lower payment arrangements yourself, but be certain to get any arrangements with creditors in writing.
Chapter 13
Consider filing a Chapter 13 bankruptcy. With a consistent income source and less than $250k in debt, try filing for Chapter 13. Not only can you repay your debts through consolidation, personal property can be kept, as well as real estate. This plan normally lasts from three to five years, in which you’ll be discharged from unsecured debt. However, if you miss even one payment, the court will dismiss your entire case.
Before you make the decision to file Chapter 7 personal bankruptcy, take time to think about anyone it could affect. When filing Chapter 7, you are not longer liable for the debts that you and a co-debtor signed for. Creditors, however, will hold the co-signer liable for the entire balance of the debt.
Make sure the time is right when you file a bankruptcy claim. They say timing is everything, and this rings true when filing for bankruptcy. In some cases, it is better to file immediately, while other situations benefit from trying to get certain finances in better shape before filing. Speak to a bankruptcy lawyer to determine what the ideal timing is for your personal situation.
Make sure you know the bankruptcy laws before filing your petition. If you do not file for bankruptcy properly, you might run into a lot of different issues. Not only could your case be dismissed, but it may also affect your ability to refile. Make sure you are fully aware about personal bankruptcy before you make any final decisions. This will make things easier in the long run.
If you are planning to file for bankruptcy in the immediate future, you should refrain from taking out cash advances via your credit cards. This is illegal. It’s fraud, and you can still be responsible for paying it back even after declaring bankruptcy.
Don’t put off filing for bankruptcy until you are in dire straits. As with anything in life, putting off important things such as debt repayment can snowball quickly out of control. By talking to a professional, as soon as possible, they can give you some advice on things you can do before it all gets too complicated.
If you decide you need to file bankruptcy, it is important that you have helpful advice. Adding to your fund of bankruptcy knowledge helps to make the whole process easier. The article you just read have you some of this advice, meaning you can deal with your situation much better.
This is a limited-time offer. We are not able to guarantee availability if you wait!
