Bankruptcy effects a myriad of people each with different financial situations. When life throws you lemons, sometimes you have no choice but to try and make lemonade out of them. If this has happened to you, then use the advice in this article to move forward with your life.
One critical element for anyone filing a petition for bankruptcy is to be honest in everything you do. Don?t hide income or assets from your lawyer or the bankruptcy trustee or you may find yourself in legal trouble.
Although you can find many bankruptcy attorneys listed in your local Yellow Pages or online, it?s best if you can find one through the personal recommendation of a friend, family member or acquaintance. There are many companies who take advantage of financial desperation; that is why it is important that you get someone that is trustworthy.
Most bankruptcy lawyers offer a free consultation, so meet with several before you decide on one. It is important to meet with the actual lawyer, because paralegals or assistants cannot give you legal advice. Comparing different lawyers makes it possible to find one with whom you work well.
Consider Chapter 13 bankruptcy, if you chose to file. With a consistent income source and less than $250k in debt, try filing for Chapter 13. This type of bankruptcy protects your assets from seizure and lets you repay your credits over the course of a few years. Such plans generally take between 3 and 5 years to complete, at which point. a discharge will be granted. Remember that if you even miss one payment that?s due under this plan, the court could dismiss the whole case.
Filing for bankruptcy is not the best choice if your monthly income is enough to cover your bills. Although you may see bankruptcy as a free pass to eliminate your debt, if you can slowly whittle away at your debt with your income, it will be much better than killing your credit score with a bankruptcy filing.
Take some time after filing for bankruptcy to enjoy life. Filing for personal bankruptcy can be very stressful for the debtor. 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. Life is going to get better once you get through this.
If you are concerned about keeping your car, check with your attorney about lowering the monthly payment. In many cases, Chapter 7 bankruptcy can lower your payments. Your car must have been purchased more than 910 days prior to filing, be a high interest loan, and you must have had a steady work history for this to work.
Be certain to have a good understanding of bankruptcy regulations prior to filing a petition. For instance, a filer cannot transfer assets to someone else for at least a year before filing. In addition, it?s unlawful for a filer to acquire more debt on their credit cards before they file.
Make a comprehensive list of all of your financial information before you file for bankruptcy. Forgetting anything can cause a delay, or even a dismissal. Even if it?s a small sum, make sure it is listed. This can include side jobs, any vehicles to be counted as assets, and any loans you may currently have.
There are a lot of things to consider prior to filing for bankruptcy. Credit counseling is an important option for you to pursue. There are various non-profit companies that may be able to help you. They can speak with your creditor about getting your payments and interest reduced. You make payments to them and they pay your creditors.
If you are facing bankruptcy, it is important to get expert advice to address your situation and take the necessary actions to resolve it. When you are properly informed, you make the whole process easier for yourself. The above article has provided a lot of this knowledge so that you?re able to deal with your finances with less stress.
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Source: http://www.bestfinanceinvestment.com/2013/07/02/tips-to-help-you-survive-personal-bankruptcy/
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