Debt is something a lot of people have to deal with on a daily basis. Debt continues to mount while collection phone calls continue to rise. If this sounds like you and your situation, filing for bankruptcy may be a good idea for you. Read on to learn if bankruptcy is the best decision for you.
Learn as much as you can about bankruptcy by going to informational websites. The United States Department of Justice, NACBA, and American Bankruptcy Institute websites are all great places to go for up-to-date information. The more information you have, the more confident you can be about any decision you make and you will know that you are doing the best thing possible for your situation.
It is essential when going through bankruptcy that all of your income and assets are reported openly and honestly. As long as you are not hiding income or assets from the courts, you can ensure that there are no difficulties with your petition. This will save you from having your petition dismissed and your debts dropped from re-filing.
Don’t ever pay a bankruptcy attorney for a consultation, and ask a lot of questions. It is a good idea to consult several attorney before deciding on one. Do not make any final decisions until every question you have has been answered. You don’t need to decide what to do right away. You can take as much time as you need to meet with different lawyers.
It is wise to meet with several lawyers before making a final decision, take advantage of the free consultations to find one that is a good fit for you. Be certain you talk to the lawyer, himself, instead of a paralegal or assistant; those people aren’t allowed to give legal advice. Looking for an attorney will help you find a lawyer you feel good around.
Understand the differences between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy. Investigate the benefits and pitfalls of both. Online resources may be able to provide all the information you need. If you are confused by what you find, be sure to ask your attorney to explain anything that is unclear before you make your decision about filing.
Chapter 13
Look into filing Chapter 13 bankruptcy. If your total debt is under $250,000 and you have consistent income, Chapter 13 will be available to you. Not only can you repay your debts through consolidation, personal property can be kept, as well as real estate. This lasts for three to five years and after this, your unsecured debt will be discharged. Bear in mind that if you miss a single payment that is due under your plan, the entire case will be dismissed by the Court.
Go ahead and file for personal bankruptcy as soon as you realize it is necessary. It is a mistake to ignore your financial troubles, hoping they will go away on their own. It is too easy for debt to mount up and become uncontrollable, which could lead to loss of assets or wages. Consider all possible options before filing bankruptcy.
See to it that you are aware of the laws concerning bankruptcy before you consider filing. For instance, it’s prohibited for an individual to transfer assets to someone else a year before filing for bankruptcy. Additionally, it is against the law for any filer to boost up the debt amount they carry on any credit cards just before filing.
Be certain to be transparent about all of your financial information when the filing of for personal bankruptcy. If the court thinks you are attempting to conceal information, your petition could be denied. Add every summer, no matter how insignificant, to your documentation. Include all jobs, assets and loans.
You are not alone when you are debating filing for bankruptcy. If you approach this with a clear mind and in the right way, it can give you the debt relief that you have longed for and will enable you to get back on your feet.
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