Filing for bankruptcy is a very important decision and one that shouldn’t be taken lightly. Read the ideas and advice in the following paragraphs so that you are aware of what to full expect and should think of prior to making such a crucial decision. All knowledge that you can gain at this point will only help you on the difficult road ahead.
Learn as much as you can about bankruptcy by going to informational websites. The United States Check out the Bankruptcy Institute site and do some research about consumer’s rights. The more you know about it, the better you are able to make the best decision for your situation and to make sure that the bankruptcy proceedings move forward with minimal setbacks.
Don’t hesitate to give your attorney a heads-up about something she has missed. Don’t just assume that the attorney will remember it automatically. Speak up if something is troubling you, as this is your future we are talking about here.
Rather than checking online, try to get recommendations from friends or family about a suitable bankruptcy attorney. Don’t allow yourself to be taken advantage of by predatory lawyers just because you are filing for bankruptcy. It is important to find someone trustworthy.
Be as honest as you possibly can when filing for bankruptcy; hiding liabilities or assets will only hurt you in the long run. The professional that helps you file for bankruptcy has to have a complete and accurate picture of your financial condition. Never hide anything, and make sure you come up with a well devised plan for dealing with bankruptcy.
Find a bankruptcy attorney who offers free consultations, and ask lots of questions. Almost all lawyers will give a free consultation, so meet with more than one before making a decision on whom to hire. Do not make any final decisions until every question you have has been answered. You do not have to give them your decision right after the consultation. That gives you the chance to speak to a number of lawyers.
Filing for bankruptcy is not the best choice if your monthly income is enough to cover your bills. Though bankruptcy may appear to be a good way to escape your debts, it does affect your credit negatively for a fairly long time.
Chapter 7
Before you decide to file for Chapter 7 bankruptcy, you should consider what your bankruptcy might have on others, as your family and friends may be affected. When you file a Chapter 7, your debts will be dissolved. However, creditors will want to hold your co-signer responsible completely.
Don’t take big cash advances off your credit cards in the days prior to filing for bankruptcy. That is considered fraudulent behavior, and you can still have to pay the credit card back, bankruptcy or no.
Speaking with others who have gone through bankruptcy can help you feel better about the process. There is a lot of stress associated with bankruptcy, and it can be hard to connect with your friends while you’re going through it. The Internet gives you a place to talk about your hardships and seek advice from those who’ve previously filed for bankruptcy.
If there is an error and your bankruptcy claim is closed, it is possible to file again. But, most of the time, you only get an automatic stay for thirty days after filing if the case was previously dismissed. You may find it possible to have this stay extended by meeting with the judge and demonstrating that the reason you need to re-file is a good one.
Accuracy is key. Your attorney may be filling and filing all paperwork; however, you should verify all the information is correct. Since attorneys handle many cases at one time, mistakes can happen. Be certain to double check all documents your lawyer presents you with. Make sure that all of the information is presented correctly.
Chapter Seven
If you are filing for chapter seven bankruptcy, the dismissal of the balance of your debts is not a given. Some secured debts might have to be reaffirmed. This means that you may need to create a new agreement in planning to repay them and some debts are not dischargeable at all. Here are some of the debts that cannot be discharged under Chapter seven: alimony payments, child support payments and court-sanctioned fines.
As you can see from the above article, bankruptcy doesn’t just happen. Many things have to be done properly. If you use the advice from this article, everything will be properly taken care of when you file for bankruptcy.
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