Although unhappy circumstances in your life might have led you to file for bankruptcy, your life post-bankruptcy can be much better. The benefit of filing for bankruptcy is that you have a new beginning. The article you’re about to read contains great information on bankruptcy and how you can proceed with filing a claim.
One critical element for anyone filing a petition for bankruptcy is to be honest in everything you do. Resisting the temptation to hide income or valuable assets from the bankruptcy trustee is a smart way to avoid potential complications, penalties, and the possibility of being barred from re-filing in the future.
Make sure you keep reminding your attorney about any important details in your case. Chances are that you may have forgotten to tell them about certain specifics that may be important to your filing. This is your bankruptcy case, so do not be afraid to remind your lawyer of any key facts.
Unsecured Credit
After you have declared bankruptcy, you may have a hard time being approved for unsecured credit. If this happens, instead you should turn your attention to secured credit cards. If you pay what you owe back promptly at all times, you can show that you are taking steps to be responsible about your payments and credit rating. Once you’ve built up a history of on-time payments, you may start getting unsecured credit again.
Ask those you know if they have an attorney to recommend, instead of finding one on the Internet or in the phone book. There are a number of companies who may take advantage of your situation, so always work with someone that is trustworthy.
Brush up on the latest bankruptcy regulations before you decide whether or not to file. Laws are ever-evolving. You must stay current with bankruptcy laws if you want to be successful in your challenge. To learn about the changes, you should check out the website of your state’s legislation or you can call their office.
Take the time to find a simpler solution to your financial issues, before filing for bankruptcy. For example, if you only have a little bit of debt, you might be better off if you went through consumer credit counseling. You could even negotiate for lower payments. However, you should ensure that you always obtain a written record of all the changes to your debt that you’ve agreed to.
Put forth the effort to grasp the distinctions between Chapter 7 and Chapter 13 bankruptcies. There is a wealth of information online about each type of bankruptcy and their respective pluses and minuses. If you have trouble understanding the wealth of information, talk to your lawyer so he or she can help you make an informed choice.
Before filing bankruptcy consider every available avenue. You may well be able to regain control over your debts by consolidating them. A bankruptcy filing takes a great deal of time, and it can be extremely stressful. You will have trouble getting credit down the line. Therefore, before you file for bankruptcy you need to consider all of your alternatives.
Spending time with the people you love is something you should do now. Going through a bankruptcy can be an excruciating experience. The long process can leave people stressed out and racked with guilt and shame over having their financial affairs laid out for everyone to see. Some people do not even want to speak with others until the bankruptcy is official. Washing yourself in self-pity will only make the situation worse and can leave you feeling very depressed. Remember that it is not your families fault for your financial hardships and use this time to pull together and be strong.
After you have filed for bankruptcy, enjoy your life. It’s not uncommon to be overwhelmed by the filing process. This stress could morph into clinical depression, if you fail to adequately address the problem. Life will get better after you finally get this situation over with.
If you are in the midst of a Chapter 13 bankruptcy, it is possible to apply for certain loans. It’s a bit more difficult, though. You need to contact your trustee so you can get approved for a new loan. Present a planned budget that shows how you can take on the loan payment and stay current. Be ready to justify the purchase that you need the loan for, too.
In conclusion, most circumstance that lead to bankruptcy are not positive. But, that does not mean that your post-bankruptcy life cannot be fantastic. Follow the advice from this article, and use personal bankruptcy to get your fresh start.
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