And it goes without saying that whatever brought you to bankruptcy was probably an unhappy experience; nonetheless, when your bankruptcy proceedings are over, you can move on to have a happier life. You will be able to have a fresh start after all is said and done. The following article will give you advice to help make process of filing go smoothly.
It’s not uncommon to learn soon after bankruptcy that you are unable to get an unsecured credit card easily. Secured cards can be a great way to get started if this happens to you. They offer you the chance to demonstrate the seriousness with which you now take your financial obligations. Then, in time, it may be possible for you to obtain an unsecured credit card.
Be brutally honest when you file for bankruptcy, as hiding assets or liabilities, will only come back to haunt 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. Being honest is both the right thing to do and, moreover, it is required by law.
Do not give up. Filing for bankruptcy may allow you to get back property, such as an auto, jewelry, or electronics, that you may have had repossessed. 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 to a lawyer for help with the petition filing process.
Any bankruptcy consultation should be free of charge. Seek free consultations from a handful of lawyers, before deciding which one to hire. Make your decision after all of your questions have been answered. You don’t have to make your decision right after this consultation. Consulting with several attorneys will also help you find someone you trust.
Familiarize yourself with any new law before you make the final step to filing for bankruptcy. 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. A qualified bankruptcy attorney is the best source for the latest information regarding the laws in your state.
Chapter 7
The two main kinds of bankruptcy are Chapter 7 and Chapter 13. Make sure you understand them so you know what is best for you. Chapter 7 eliminates all debts. All happenings with creditors will disappear. But, with Chapter 13, you will be in repayment plan for about 5 years prior to any debts you have being totally dissolved. It is important that you understand the differences between the different types of bankruptcy, so that you can decide which option is best for you.
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 may lead to something worse like depression, so do what you can to fight that from happening. You must realize that things will get better over time.
Prior to filing for bankruptcy, tell yourself that you cannot use the word “shame”. It is possible for those going through the bankruptcy process to feel unworthy, guilty or ashamed. But, such emotions get you nowhere, and they can cause significant mental issues to emerge. A good way to deal with bankruptcy is to make sure that you keep a stiff upper lip.
Don’t take out big cash advances from any of your credit cards prior to filing for bankruptcy, taking advantage of the fact that those debts will later be erased. This is illegal. It’s fraud, and you can still be responsible for paying it back even after declaring bankruptcy.
Watch how debts are paid off prior to filing. Find out from a bankruptcy attorney what a court needs to see as a cut off date for the last time you pay anyone you owe money to. Find out more about legal requirements before making your decision.
Credit Card
A lot of individuals who have found themselves filing for bankruptcy think that they will never borrow money or use a credit card again. This may not be such a great idea because you still need credit to to help build better credit. Avoiding credit altogether prevents you from rebuilding your credit standing, and will therefore serve as an obstacle when you wish to finance a house or a vehicle. Get one credit card and use it wisely to get on the right path.
As mentioned earlier, the events that drive anyone to declaring financial bankruptcy are not a happy story. However, the story that gets written after bankruptcy does not have to be depressing too. Actually, by using the advice you’ve learned here, your story of hardship could have a happy ending after all!
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