Those dealing with personal bankruptcy filing are known to experience feelings of embarrassment, irritation and shame. Those who find the need to file often worry about how they will be able to pay debts and live their daily life. By reading this article, you will soon realize that bankruptcy is not the end of the road for your financial future.
Don’t fear reminding your attorney of any specific details of your case. Do not assume that if you’ve already told him or her something important once, that they will remember it later without a reminder. It is in your best interest to speak out. You are in control of the outcome of your bankruptcy.
After filing for bankruptcy, you may have difficulty getting approved for unsecured credit. Since it is important that you work to rebuild your credit, you should instead think about applying for a secured card. You can exhibit your desire to rebuild your credit this way. After a certain time, you will then be able to acquire credit cards that are unsecured.
No good will come of trying to conceal your assets or your liabilities in the bankruptcy process; you want to be scrupulously honest when you declare bankruptcy. It is necessary to be open regarding both the positive and negative aspects of your financial life. Do not hold back anything, and form a sound plan to make peace with your reality.
If you are meeting with a lawyer to discuss bankruptcy, the initial consultation should be free so ask every question you have. Most attorneys offer a free consultation which you should take advantage of. Meet with a few before finalizing your plans. Choose to file only if your lawyer has convinced you that this is the best decision. You can think about your decision before making a commitment. This will give you extra time to interview several attorneys.
There are differences between Chapter 13 bankruptcy and Chapter 7; be sure to familiarize yourself with both. Learn the benefits and drawbacks of each type before deciding which is right for you. If anything you see is unclear or doesn’t make sense, go over it again with your attorney before making the final filing decision.
Chapter 13 Bankruptcy
Look into filing Chapter 13 bankruptcy. You are eligible to file Chapter 13 bankruptcy if your income is reliable and your unsecured debt does not exceed $250,000. This allows you to keep possession of your real estate and property and repay your debt through a debt plan. This repayment period usually lasts from three to five years. If you make your payments faithfully during that time, any remaining unsecured debt will be eliminated. However, if you miss even one payment, the court will dismiss your entire case.
Don’t forget to enjoy your life once your finances get fixed. Filing is the most intensive step in the process, so afterwards it’s important to let go of some of your stress. This stress could actually cause depression, if you don’t combat it. Life will get better after you finally get this situation over with.
Pick the right time to file. Proper timing is important, especially when it comes to personal bankruptcy. In some cases, it is better to file immediately, while other situations benefit from trying to get certain finances in better shape before filing. The professional advice of a bankruptcy lawyer can help you pin down the best time to file given your current financial state.
Forget about detrimental terms, such as shame, when you are filing for personal bankruptcy. Going through the filing process often brings out the worst in people, causing them to feel a variety of negative emotions. Try not to give in to these feelings, as they are of no help to you and they can affect your emotional health. If you are filing for bankruptcy and you are thinking negatively about the situation, make an effort to stop that now.
After reading this article, hopefully you now know that bankruptcy does not have to mean doom and gloom. It can be difficult in the beginning, but bankruptcy can be effectively managed. Using these tips will allow you to get through this process with ease.
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