The decision to file for bankruptcy is very serious and should not be taken lightly. Check out the advice found below so that you can know what you are up against when faced with bankruptcy. Prepare yourself by learning as much as possible beforehand.
It should go without saying, but refrain from lying in your bankruptcy filings. Lying on your filing can cause dire consequences such as: delays, penalties, being prevented from re-filing, or even jail time.
Don’t be afraid to remind your attorney of certain details in your case. You should not take for granted that your lawyer will remember every important detail that you have have told him earlier without a reminder. Do not hesitate to speak up; this is your hearing and your future is on the line.
Unsecured Credit
After filing for bankruptcy, you may have difficulty getting approved for unsecured credit. If you find that to be the situation, consider requesting secured cards. By doing this, you will be letting people know that you want to fix your credit score. After a time, you are going to be able to have unsecured credit cards too.
Before you file for bankruptcy, find out which of your assets will be exempt from seizure. To find an itemized list detailing assets exempt from bankruptcy, find the Bankruptcy Code. It is important to be aware of this list so you will know what assets are saved. You may find yourself unpleasantly surprised when the things you value the most are taken from you without warning. This is why it is very important the familiarize yourself with this list.
It is important to understand your rights when filing bankruptcy. If you file for bankruptcy at the right time it could enable you to get your property back that you lost to repossession. If the items were repossessed less than three months prior to your filing date, you may be able to recover them. A qualified bankruptcy attorney can walk you through the petition process.
If bankruptcy is an option for you, secure the services of an attorney. Personal bankruptcies are detailed and complex processes, and you may miss something that costs you money. When you engage the services of a bankruptcy lawyer, you can be assured of getting the help your need to proceed correctly.
Chapter 13
Learn what you can about Chapter 13 bankruptcies. You are eligible for filing bankruptcy under Chapter 13 if you work and owe less than $250,000. 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. 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 file for bankruptcy the income that you get is bigger than your bills. Sure, bankruptcy can get rid of that debt, but it comes at the price of poor credit for 7-10 years.
If you have fears that you will lose your car, ask your lawyer about the possibility of lowering your car payments. You can often lower your payment using Chapter 7 bankruptcy. The car loan must have been initiated prior to 910 days before your petition. It must carry a loan with high interest. You should also have a steady history of work.
As is evident from the information you just read, the bankruptcy process takes time. You must do a wide variety of things correctly. By using the tips in this article, you will be able to successfully file for bankruptcy and begin to rebuild your life.
This is a limited-time offer. We are not able to guarantee availability if you wait!
