Whatever leads you to bankruptcy is a sad tale, but that need not mean that’s the only story to tell for the rest of your life. The main purpose of filing is to start a new and improved financial situation. Keep reading to see how bankruptcy can actually give you a new lease on life, rather than function as a permanent financial albatross.
It is important that you increase your knowledge on personal bankruptcy by reviewing websites that provide reliable information. The US 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.
It should go without saying, but refrain from lying in your bankruptcy filings. Not only is hiding income and assets wrong, it is also a crime.
Don’t hide assets or liabilities when filing for bankruptcy. It is necessary to be open regarding both the positive and negative aspects of your financial life. Don’t hold anything back and formulate a smart strategy to deal with the reality you are facing.
Bankruptcy Attorney
Speak to a bankruptcy attorney about what new laws may be going into effect before your bankruptcy filing. It can be tough to keep up with them on your own, and because they change often, a bankruptcy attorney can help you keep track for the sake of your filing process. To stay up-to-date on these laws, check out your state’s government website.
Prior to declaring bankruptcy you really need to be sure that you’ve exhausted all your other options first. For example, consumer credit counseling programs can help you by renegotiating your debts with your creditors into payments that you can afford. Also, if you just contact your creditors and speak to them plainly and truthfully, the odds are good that you can negotiate a better payment structure that you can afford.
Many bankruptcy attorneys offer the first consultation with no charge, so consult with several before deciding on one. Ask to speak with the licensed attorney and not a representative, who can not offer legitimate legal counsel. By meeting with several attorneys through a free consultation you will be able to choose which attorney you feel more comfortable with.
Learn how Chapter 7 bankruptcy and Chapter 13 bankruptcy differ from each other. Research them online to see the positive and negative aspects of each one. If there is anything that you don’t understand, go over it with your lawyer so that you can make the best decision.
Never forget that you still deserve to enjoy life while you go through the bankruptcy process. It’s not uncommon to be overwhelmed by the filing process. If you let the stress get to you you may get depressed if you’re not doing the proper things to fight it. Remember that your situation is going to improve after you file for bankruptcy.
Chapter 7 Bankruptcy
Take into consideration all the ramifications of a Chapter 7 bankruptcy. Filing for this can impact any co-debtors, such as friends or family. A Chapter 7 bankruptcy will relieve you of your legal responsibility to pay any joint debts. However, creditors will want to hold your co-signer responsible completely.
During a Chapter 13 bankruptcy, you may still be able to get a mortgage or car loan. However, it won’t be as easy as it may have been to get one prior to the bankruptcy. You will have to get this loan approved by your trustee. Present a planned budget that shows how you can take on the loan payment and stay current. You will also need to have a good reason why you need the item.
Bankruptcy can cause anxiety and a host of other physical and emotional issues. In order to keep things together and protect yourself from excess stress, be sure to hire a competent attorney. When choosing an attorney, cost isn’t the only thing to look at. Quality is far more important than expense when it comes to a good bankruptcy attorney. Do not choose an attorney until you have interviewed them, checked with the better business bureau and checked their standing with the bar association. Attending a court hearing will give you experience as to how lawyers handle these cases.
As stated earlier, anything that leads someone to bankruptcy is not a good story. Use what you have learned and take responsibility for your financial health – turn your life around. If you put the ideas you learned in this article into practice, you can write a whole new financial story and live happily ever after.
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