Having to file for personal bankruptcy is never a positive experience. Bankruptcy is a touchy subject, and people often don’t want to mention it when someone asks about their finances. You do not necessarily need to file for bankruptcy, there are other options to help you resolve your debt. This article will help you improve your financial situation.
Try to find a bankruptcy attorney who is personally recommended, rather than off the Internet, or out of the yellow pages. 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,
Be honest when filing for bankruptcy. Don’t hide liabilities or assets, as they’ll come back and haunt you. The person you choose to file with needs to know both the good and bad aspects of your finances. Telling the truth will allow you reach a solution that is feasible, given your current situation.
Do not give up hope. You may be able to regain property like electronics, jewelry, or a car if they’ve been repossessed by filing for bankruptcy. You may be able to get your property back if fewer than 90 days have passed between the repossession and are filing for bankruptcy. Talk with an attorney who can guide you through the process of filing a petition.
Before you file, make sure you understand current bankruptcy laws. These kinds of laws are constantly changing and it is important that you are aware of these changes, so that you can learn how to properly file for bankruptcy. Your state’s website should have the information that you need.
Chapter 7
Learn the differences between Chapter 7 and Chapter 13 bankruptcies. The Chapter 7 variety can help you eliminate your debts almost entirely. Your responsibilities to your creditors will be satisfied. Chapter 13 bankruptcy allows for a five year repayment plan to eliminate all your debts. Both options have advantages and drawbacks, so do your research before deciding.
After your initial filing, take time to enjoy yourself a bit and get your mind off of it. It is common for people to stress when filing. Don’t let the process control you in a negative way. You will get through it, and you should make an effort to remember that. You must realize that things will get better over time.
Bankruptcy is a hard thing to experience and it could create both emotional and mental stress. Engage a competent lawyer in order to avoid excess stress and keep everything on track. Get recommendations and look into other qualifications rather just choosing based on cost alone. The cheapest attorney may not be the best, but the most expensive may not be the best either. Talk to friends who have been through a similar situation and ask them for referrals. You could also sneak into court to watch a real live bankruptcy proceeding to see how that attorney handles the situation.
Before you even consider filing for bankruptcy, familiarize yourself with the laws surrounding this process. For instance, you may not be aware that a filer is forbidden from transferring assets from his or her name for one full year before the petition is filed. Moreover, a filer is prohibited from spending or incurring extra debt prior to their bankruptcy filing.
Financial Information
When filing for personal bankruptcy, always supply all of your financial information. If you forget information you run the risk of having your petition delayed, or possibly even dismissed. All financial information needs to be considered by the court. Include any income from jobs that you do on the side or assets, such as property and vehicles.
As this solid advice demonstrates, there are other options besides bankruptcy. By following the tips presented here, you can avoid filing for personal bankruptcy. Apply what you’ve learned here to make changes in your life that will not hurt your credit.
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