Filing personal bankruptcy is a somewhat complex process. Because of the various types of claims out there, and also the different ways in which you can approach filing, your particular situation will be personal to you. Learn as much as you can about the topic before you make any decisions regarding filing. This article will give you some of the important facts about bankruptcy.
People generally mostly feel the need to get a bankruptcy filed for when they have more money owed than they can get. If this is happening to you, then learn about the laws where you live. Bankruptcy laws vary from state to state. In some states, your home is protected, while in others it is not. Make sure you know the laws where you live before you file.
After you have declared bankruptcy, you may have a hard time being approved for unsecured credit. If you find yourself in this situation, you may want to think about getting a secured card or two. This will show other people that you’re serious when it comes to having your credit record in order. After some time passes they may be willing to offer you unsecured credit.
Don’t try to hide anything if you are filing for bankruptcy, as this will 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. Lay everything out on the table so that you and your lawyer can devise a plan to get you out of this mess.
Keep at it! If you file for bankruptcy, you might be able to reclaim certain property that has been repossessed, such as your car, electronics or jewelry. If it has been fewer than 90 days since you filed for bankruptcy, it is possible for you to get repossessed property back. Consult with a lawyer who is able to assist you in the filing of your petition.
Bankruptcy Lawyer
Never pay for a consult with a bankruptcy lawyer, and ask plenty of questions. When you arrive at a consultation ask plenty of questions. You should also seek free consultations from several attorneys prior to choosing one. Decide which lawyer you like best buy reviewing all of the lawyers’ answers to your questions. Choose the lawyer who addressed your issues the best. There is no need to feel rushed to decide to file after you talk with your bankruptcy lawyer. You can take your time and check out several attorneys before making your final selection.
It is imperative that you retain an experienced attorney if you are planning to file bankruptcy. The topic of bankruptcy is a complicated one and it is important that you know all about it. A specialized bankruptcy lawyer can ensure that you are handling your bankruptcy filing the right way.
Before declaring bankruptcy, ensure that all other options have been considered. For example, consumer credit counseling services can often help you figure out a workable repayment plan with creditors. Sometimes you can negotiate a reduced payment, though you must strive to get it all in writing.
Chapter 7
Know the differences between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy is intended to wipe out all outstanding debts. This includes creditors and your relationship with them will become no longer existent. Chapter 13 bankruptcy allows for a five year repayment plan to eliminate all your debts. Look into both types of bankruptcy before deciding which one would suit your particular needs.
If keeping your vehicle is of great concern, ask your lawyer if you can secure a payment modification. Often, you can negotiate a lower payment through 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.
Take action when the time is right. They say timing is everything, and this rings true when filing for bankruptcy. In some cases, you should file for bankruptcy right away, but in others, there may be reasons why filing quickly would be a bad idea. Speak with a bankruptcy lawyer to see when is the best time for you to file bankruptcy.
Now after reading the above article you see that bankruptcy must be thought over extremely carefully before going through with it. If it’s the best course of action for your current financial situation, then be sure to find an attorney with a lot of experience with personal bankruptcy so that you may be able to have a better financial future.
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