Have your finances become unmanageable? Do you feel that the only thing you can do is file for personal bankruptcy? You are not the only one. Many people have discovered that bankruptcy can help them escape their financial troubles. This article will provide you with bankruptcy tips to ensure everything goes as smoothly as it should.
One of the most important things to remember when filing for bankruptcy is to be honest and truthful every step of the way. Resisting the temptation to hide income or valuable assets from the bankruptcy trustee is a smart way to avoid potential complications, penalties, and the possibility of being barred from re-filing in the future.
Don’t avoid telling your lawyer specific details with your case. Don’t assume that he’ll remember something from a month ago; tell him again. Speak up, because it is your future on the line.
Ask those you know if they have an attorney to recommend, instead of finding one on the Internet or in the phone book. 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.
Keep at it! You can often have property returned to you. Autos, jewelry and even electronics that have been repossessed, could be returned. If the property you own has been repossessed under 90 days before the bankruptcy filing, you may still be able to get it back. A qualified bankruptcy attorney can walk you through the petition process.
Chapter 13 Bankruptcy
Know the differences between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 is the best option to erase your debts for good. Any debts that you owe to creditors will be wiped clean. With a chapter 13 bankruptcy, a 60 month period of time will be established in which you will repay the as much of your debt as possible. Following the 60 month period of time, the remainder of your debt will be excused. Look into both types of bankruptcy before deciding which one would suit your particular needs.
Since the majority of attorneys are willing to provide no-cost initial consultations, it is smart to meet with more than one before you make a selection. Never settle for speaking with a paralegal or an assistant. They are not trained, nor allowed, to pass on legal advice. Seeking out different attorneys is all part of the process until you find someone that you can trust.
It is possible to keep your home. Filing for bankruptcy does not mean you have to lose your home. It may be possible to keep your home if the value has depreciated, or there is a second mortgage. You should also examine the possibility of taking a homestead exemption. This could apply if your income falls below the financial threshold.
Consider Chapter 13 bankruptcy. If you have regular income and under $250K in unsecured debt, a Chapter 13 may be right for you. The benefit of this plan is that you retain personal belongings and private real estate and your debts are repaid by an organized payment plan. This repayment period usually lasts from three to five years. If you make your payments faithfully during that time, any remaining unsecured debt will be eliminated. Remember, though, that if you fail to make even one payment, the case will be thrown out and you’ll be right back where you started.
Spend time with loved ones. Bankruptcy can really wear down your emotional reserves. It can be long and drawn out which adds lots of stress and leaves people feeling empty inside. Some folks tend to stay in the shadows until their case has concluded. Self-imposed isolation can make you feel worse about it and can cause depression. Spend time with your family, talk about your problems and find things that relax you.
Bankruptcy Filing
If your paycheck is larger than your debts, avoid filing for bankruptcy. Remember that the record of your personal bankruptcy filing will be discernible on the report of your credit for as many as 10 years. For this reason, bankruptcy filing should not be taken lightly.
Remember from the beginning of this article? You aren’t the only one who is filing for bankruptcy. But with the benefit of the information you have here, you have a head start on your journey. Make an effort to use the information shared here with you to simplify the bankruptcy process for yourself.
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