The economy is looking bad these days. The result of the dreadful economy is that many people are losing their jobs and falling into uncontrollable debt. High debt often leads to the miserable state of bankruptcy. If you would like to know how to get yourself or your friend out of filing for bankruptcy, read on for some possible answers.
When looking for a lawyer to handle your bankruptcy claim, the best way to go is off of a personal recommendation instead of simply flipping through the phone book. 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.
If you are planning to file for bankruptcy, be sure to learn what types of assets you will be able to keep and which can be seized. There are some assets that cannot be seized through bankruptcy, and the law lists those assets. You need to read the exemptions for your state, so you know what property you can protect. If you do not read this list, you could be in for some nasty surprises in the future, if some of your most prized possessions are seized.
Keep at it! When you file for bankruptcy you may be allowed to recover property like your car, electronics or jewelry that might have been repossessed. You should be able to get your possessions back if they have been taken away from you within 90 days before you filed for bankruptcy. Discuss your options with a good lawyer who can help you with the filing of your bankruptcy petition.
Consider other alternatives before filing for bankruptcy. If your debt is relatively low, you may be able to manage it with credit counseling. You may also find success in negotiating lower payment arrangements yourself, but be certain to get any arrangements with creditors in writing.
It is important to know how Chapter 7 filings differ from Chapter 13 filings. Take the time to find out about each one online, and look at the advantages and disadvantages of each. If anything you see is unclear or doesn’t make sense, go over it again with your attorney before making the final filing decision.
Do not file for bankruptcy if your income is greater than your bills. Filing for bankruptcy can really damage your credit in the long run, by staying on your report for up to ten years.
Once you have completed the bankruptcy filing, you should take time to do something you enjoy. It is common for people to stress when filing. The stress of dealing with bankruptcy could cause you to fall into a depression, unless you take steps to take care of yourself. Life will get better after you finally get this situation over with.
Know your bankruptcy rights. Some debtors will try to tell you your debt with them can not be bankrupted. There are few debts that can’t be discharged. If the debt collector tries to tell you that your debts, which do not fall into those categories, cannot be bankrupted, take a note of it, look up the debt type, and report them to your state’s attorney general office.
Find the right time to take action. Timing is important, and that is especially true when filing for bankruptcy. Sometimes you may want to wait to file and in other situations you may find it better to do it as soon as you can. Speak with a bankruptcy lawyer to discuss the proper timing for you to file bankruptcy.
Bankruptcy Process
Don’t let shame consume you during the bankruptcy process. It is possible for those going through the bankruptcy process to feel unworthy, guilty or ashamed. However, having this feeling about yourself isn’t going to help anybody, and your health could even be compromised. Staying positive and upbeat is the proper way to deal with bankruptcy.
The economy is showing signs of recovery, but unemployment and underemployment are still high. You can avoid bankruptcy even with no steady source of income. Bankruptcy can be a difficult journey; however, the process can be made easier by learning the aforementioned information. Godspeed.
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