It can be hard, but at times necessary, to file for bankruptcy. The more you educate and prepare yourself for the bankruptcy process, the better prepared you will be to handle it. Keep reading to learn some valuable tips from someone who has stood in your shoes.
Think twice if you have struck upon the idea of paying off your taxes by credit card and subsequently filing for personal bankruptcy. The fact is that the credit card debt will be ineligible for discharge, and your tax debt may increase. The rule here is that if you can get the tax discharged then you can get the debt discharged. It is pointless to use credit cards if they can be discharged.
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. There are various companies that prey on the financially desperate, so you need to find someone you can trust to ensure the process goes smoothly,
When filing for bankruptcy it is crucial that you are candid and not concealing any liabilities or assets, as it will only show up in the future. Whoever provides your legal consultation must be privy to all of your financial information. You are in this situation, now help them to give you the best assistance possible to deal with it. You do that by giving full disclosure and holding nothing back.
Keep at it! Once bankruptcy has been filed, you may be able to regain possession of items such as electronic goods or cars that were taken away from you. If your personal property was repossessed within 90 days before your bankruptcy filing, you may have a chance of getting it back. Speak to a lawyer who will be able to help you file the necessary paperwork.
Personal Bankruptcy
Be sure to hire an attorney before you embark upon filing for personal bankruptcy. Having a lawyer on your side is the best way to avoid mistakes and bad decisions. An attorney that specializes in personal bankruptcy, can help guide you and make sure that your filing happens properly.
Familiarize yourself with the bankruptcy code before you file. This area of law is in constant flux and it is imperative that you know where the law stands at the time you file for your bankruptcy. To learn about any changes, search the Internet or contact your state’s legislative office.
Consider filing for Chapter 13 bankruptcy. If you currently have some income and don’t have more than $250k in debt, you can declare bankruptcy. You can secure your home under Chapter 13 and pay your debts with a payment plan. Such plans generally take between 3 and 5 years to complete, at which point. a discharge will be granted. Just know that missing one payment could cause your case to be dismissed.
Think about all the choices available to you when you file for bankruptcy. You might be able to address your debts by arranging a repayment plan or a reduction in your interest rates. Get professional advice on these matters from a bankruptcy lawyer. For example, if you are in talks of foreclosure, you could use a modified loan to overcome your debt. There are a lot of ways that your lender can assist you, such as reducing interest rates, eliminating late fees, or extending the term of your loan. Many times creditors are happy to work with you to ensure that you will repay your loan.
No one is eager to file for bankruptcy, but in many cases, the alternatives are even worse. Since you’ve read the advice found in this article, you know what has worked for others who have filed for bankruptcy in the past. Learning from people who traveled down this road before can make your journey less stressful.
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