Just the thought of bankruptcy creeping up on you, can make you fearful to say the least. Similarly, mounting debt and the inability to sufficiently support oneself and family is another very real fear. If this sounds like you and you are experiencing these feelings right now, the advice here will be of help.
Make sure you’ve exhausted all other options prior to declaring bankruptcy. There are other options available, such as credit counseling for consumers. Bankruptcy permanently affects your credit, so avoid filing until you have exhausted all of your other options.
A key tip for those filing a personal bankruptcy petition is to always be completely honest in all documentation. Withholding or lying about certain information can seriously worsen your financial situation. It could lead to being unable to file for bankruptcy or even legal trouble.
Look for a bankruptcy lawyer that comes from a personal recommendation instead of someone random on the Internet or in the yellow pages. There are lots of unsavory companies and lawyers out there who prey on people who are in desperate straits. It is up to you to find someone that is trustworthy and can make the process go smoothly.
Prior to filing for bankruptcy, discover which assets cannot be seized. You can find a listing of the asset types that are excluded from bankruptcy in the Bankruptcy Code. Make sure to review the list before filing a claim so you know if your valuables will be subject to seizure. If you don’t heed that advice, you might find yourself getting surprised when your favorite things are repossessed.
Do not give up. If you file for bankruptcy, you might be able to reclaim certain property that has been repossessed, such as your car, electronics or jewelry. If the property you own has been repossessed under 90 days before the bankruptcy filing, you may still be able to get it back. Consult with a lawyer who can advise you on what you need to do to file a petition.
If you’re filing for bankruptcy soon, be sure you are going to hire a lawyer. Filing for bankruptcy is a complicated procedure, and you may not be aware of all the ins and outs. A personal bankruptcy attorney can help and guide you along through the bankruptcy process.
Be sure your home is well protected. You don’t have to lose your home just because you are filing for bankruptcy. You can still keep your home, it just depends on your specific situation and the value of your home. Check to see if you pass the requirements necessary to file for a homestead exemption.
If you can afford to pay your bills, bankruptcy is not a wise option. Although bankruptcy might seem to be an easy way of being able to pay for your debts, you must remember that it is something that will remain roughly about 7 to 10 years in your credit report.
Once your initial filing is complete, it is time to take some time to relax a little. Filing is the most intensive step in the process, so afterwards it’s important to let go of some of your stress. That stress could lead to complete depression, if you do not take the necessary steps to fight it. While the process is tough, you are getting a chance to start over.
If your vehicle is in question, perhaps your attorney can assist in lowering your payments. Lower payments can sometimes be structured into a Chapter 7 solution. You must have bought the car 910 or more days before you filed, the loan must have a high interest rate, and you have to have a secure and steady working history in order for that to work.
People fear bankruptcy with good reason. It is a pretty daunting process to go through. While you may have been frightened of bankruptcy in the past, you don’t need to be scared anymore. This article has armed you with information. Using the personal bankruptcy advice in this article can help improve your financial situation.
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