Feeling sad and frustrated are a couple of the many emotions people feel when going through bankruptcy. People who experience bankruptcy often wonder how they will be able to pay off debts while living daily life. As you can see, filing for bankruptcy does not mean life is over.
Ask yourself if filing for bankruptcy is truly your best option. There are plenty of other options open to you, like consumer credit counseling. Be certain that bankruptcy is the only option you have before pursuing this course because bankruptcy is always evident on your financial and credit history.
Always be honest with the information you give about your finances. Lying on your filing can cause dire consequences such as: delays, penalties, being prevented from re-filing, or even jail time.
Be sure to remind your lawyer if it seems that some details of your situation are forgotten. Don’t just assume that the attorney will remember it automatically. Speak up if something is troubling you, as this is your future we are talking about here.
Unsecured Credit
After a bankruptcy, you may still see problems getting any kind of unsecured credit. If you do, then try applying for a coupe of secured cards. This will demonstrate that you’re seriously trying to restore your credit. After a while, you may be able to get unsecured credit again.
Bankruptcy is tricky and hiring a good lawyer will be a must. You might not understand all of the various aspects to filing for bankruptcy. A personal bankruptcy attorney can help and guide you along through the bankruptcy process.
See if there is an alternative you can use before declaring bankruptcy. If you owe small amounts of money, you can join a counseling program or straighten your finances out by yourself. Negotiating with creditors is another option, but creditors are notorious for “forgetting” these agreements, so get them in writing!
Don’t be tempted to race toward a bankruptcy without taking time to make sure it is the right thing for you to do. Perhaps just consolidating some of your existing debt, could make them easier to manage. Bankruptcy is a long process that can be stressful. Remember that your credit will be affected by the mark of personal bankruptcy for a long time. This is why it is crucial that you explore your other debt relief options first.
Learn what you can about Chapter 13 bankruptcies. If you have less than a quarter of a million dollars in debt that is unsecured and a regular income, you are eligible to file a Chapter 13. The benefit of this plan is that you retain personal belongings and private real estate and your debts are repaid by an organized payment plan. Typically, this goes on for roughly three to five years, and once this time has expired, your unsecured debt is eliminated. However, if you were to miss a payment, the court would dismiss your case right away.
Once you clear the hurdle of filing for bankruptcy, live a little, but not too much. The filing process is extremely stressful for a lot of the people who go through it. 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. Once your petition is in the hands of the judge, all you can do is wait.
Bankruptcy is a difficult and stressful process, and you will need all the help you can get. To relieve yourself of some stress and keep thing organized, hire a good lawyer. Try not to pick a lawyer based on cost alone. The cheapest attorney may not be the best, but the most expensive may not be the best either. Speak with trusted people, check the BBB and take advantage of the free bankruptcy attorney consultations. If you wish, you can attend a bankruptcy hearing and witness your attorney in action.
Now that you’ve read this article, I hope you can see that having personal bankruptcy doesn’t necessarily mean doom for you. Going through bankruptcy will be hard at first, but it can also be worth it. Remember these tips so you can dig your way out of debt.
This is a limited-time offer. We are not able to guarantee availability if you wait!
