Are you in a financial jam and you feel like bankruptcy is the only option for you? Don’t worry, you are not alone. Lots of people all over the world have used bankruptcy as a means to get themselves out of a troubled financial situation. The following article offers many great tips on bankruptcy that can be very helpful when faced with this situation.
Before you decide to file bankruptcy proceedings, determine which assets will be safe. Bankruptcy exemptions are properties may not be seized during bankruptcy. Make sure that you carefully look over this list prior to filing to discover if your valuable assets will be seized. If you don’t read this list, there is a chance that you might get nasty surprises when they take your things away.
Don’t give up. You can often have property returned to you. Autos, jewelry and even electronics that have been repossessed, could be returned. You may be able to get your property back if fewer than 90 days have passed between the repossession and are filing for bankruptcy. Speak to a lawyer who will be able to help you file the necessary paperwork.
Never pay for a consult with a bankruptcy lawyer, and ask plenty of questions. Most lawyers provide a consultation for free, so consult with many of them before picking which one you want to hire. Choose an attorney who is experienced, educated and well-versed in bankruptcy laws. You don’t have to make your decision right after this consultation. You have lots of time for consulting with other lawyers.
Find a specialized lawyer if you are thinking about filing for bankruptcy. The topic of bankruptcy is a complicated one and it is important that you know all about it. An attorney will make sure that everything is being done correctly.
Chapter 13
Make sure that you understand the difference between Chapter 13 bankruptcy and Chapter 7 bankruptcy. Chapter 7 bankruptcy completely wipes out your debt. All happenings with creditors will disappear. Chapter 13 is different, though. This type of bankruptcy entails an agreement to pay off your debts for five years prior to wiping the slate clean. You need to determine which type of bankruptcy is right for you given your unique financial situation.
A lot of bankruptcy attorneys will let you have a consultation, so try several out. Talk to the lawyer and not his assistant, who may not be legally able to help you. It will be important to work with a bankruptcy lawyer that you feel comfortable with; a little comparison shopping will help you find the right one.
Be sure your home is well protected. Filing for bankruptcy does not always mean you will end up losing your home. You might be able to keep your home, contingent on certain factors, such as your home decreasing in value or having a second mortgage. There are also homestead exemptions which, depending on your other finances, may allow to remain in your home.
If your vehicle is in question, perhaps your attorney can assist in lowering your payments. A lot of the time, your payments may be lowered due to Chapter 7 bankruptcy. There are certain requirements and restrictions such as a loan that has a high interest rate, cars purchased 910 days before you file, and a steady job history that can help you keep your vehicle.
If you have a co-debtor, consider the ramifications that filing a Chapter 7 bankruptcy will have. Speak to an attorney or read the bankruptcy laws in your state to find out if certain loans can be excluded from your filing. Although, your creditors may insist that the co-debtor pay off the entire debt.
File when the time is right. In bankruptcy filing, timing is quite important. There are situations in which it is in your best interest to file immediately, but other times it is advisable to wait. Speak with bankruptcy attorneys for a time frame for filing with your situation.
Before you decide to file, make yourself aware of the laws about bankruptcy. For example, it is against the law to transfer any assets from the filer to another for a year before filing. Also, you must never incur significant new obligations must prior to filing for bankruptcy.
As mentioned at the beginning of the article, you are not the only person in the world who has found themselves needing to file bankruptcy. The difference is, you are arming yourself with good knowledge with articles like this. Make an effort to use the information shared here with you to simplify the bankruptcy process for yourself.
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