Feeling sad and frustrated are a couple of the many emotions people feel when going through bankruptcy. People can feel stuck in their situation, worrying how to do basic things, such as keeping food on the table each day. However, help can be found by considering bankruptcy. The tips in this article will show you how.
Try going to a personally recommended bankruptcy lawyer instead of using a phone book or the Internet. To handle your bankruptcy, you need a trusted attorney, not a shady one that is out to take your money.
Be honest when filing for bankruptcy, because hiding liabilities or assets can only cause trouble to you. Regardless of the agency you file with, ensure that you tell them all they should know about your current financial situation, regardless of how good or bad it is. Lay everything out on the table so that you and your lawyer can devise a plan to get you out of this mess.
Bankruptcy Attorney
Speak to a bankruptcy attorney about what new laws may be going into effect before your bankruptcy filing. 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. A qualified bankruptcy attorney is the best source for the latest information regarding the laws in your state.
Before filing for bankruptcy, determine whether Chapter 13 or Chapter 7 is appropriate for your financial situation. In Chapter 7 most of your outstanding accounts will essentially be erased. You will be removed from any contracts you have with your creditors. Chapter 13 bankruptcy allows for a five year repayment plan to eliminate all your debts. You need to determine which type of bankruptcy is right for you given your unique financial situation.
It’s a good idea to meet with a number of bankruptcy lawyers before settling upon one. The majority of them offer free initial consultations. Ensure that your meeting is actually with the attorney, not with a paralegal or an assistant. People in these positions are unable to offer legal advice. By meeting with several attorneys through a free consultation you will be able to choose which attorney you feel more comfortable with.
It is possible to keep your home. Filing for bankruptcy does not mean you have to lose your home. If your home has significantly depreciated in value or you’ve taken a second mortgage, it may be possible to retain possession of your home. If you’re not sure, however, you can always study the particular homestead exemption regulations. You will learn everything you need to know.
If you’re unsure, then you need to learn what a Chapter 7 bankruptcy can do for you, as opposed to what Chapter 13 does. Investigate the benefits and pitfalls of both. Online resources may be able to provide all the information you need. Go to a specialized lawyer to ask your questions and get some useful advice on what to do.
Before filing bankruptcy consider every available avenue. You may well be able to regain control over your debts by consolidating them. Bankruptcy is not a simple, breezy course of action that should be taken lightly. Credit will be much harder for you to come by after you file for bankruptcy. This is why it is crucial that you explore your other debt relief options first.
Chapter 13 Bankruptcy
Look into filing Chapter 13 bankruptcy. If you posses a regular source when it comes to income, and you have less than $250,000 of unsecured debt, you could file using Chapter 13 bankruptcy. Filing a Chapter 13 will let you keep personal items and real estate while you pay down your debt in a consolidation plan. The window for Chapter 13 repayments is typically 3-5 years. At the end of this time, any unsecured debt is discharged. However, if you miss even one payment, the court will dismiss your entire case.
Now that you’ve read this article, I hope you can see that having personal bankruptcy doesn’t necessarily mean doom for you. It can be daunting, but you can do it. Follow the advice in this article for help in controlling your debt and deciding if bankruptcy is right for you.
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