And it goes without saying that whatever brought you to bankruptcy was probably an unhappy experience; nonetheless, when your bankruptcy proceedings are over, you can move on to have a happier life. The bankruptcy laws allow you to have a second chance at building your credit and meeting all your financial responsibilities. Learn how to make bankruptcy work for you, instead of allowing it to devastate your life.
Be certain you understand all you can about bankruptcy by researching reputable sites that offer good information. The U.S. Department of Justice and American Bankruptcy Institute are two such places to look. Knowing is half the battle, after all, and these websites are the first step in learning what you need to know to make your bankruptcy smooth and stress-free.
Always be honest when filling out paperwork. Not only is hiding income and assets wrong, it is also a crime.
Secured Card
It’s not uncommon to learn soon after bankruptcy that you are unable to get an unsecured credit card easily. If you are in this situation, applying for a secured card may be the answer. They offer you the chance to demonstrate the seriousness with which you now take your financial obligations. If you do well with a secured card and make strides to repair your credit, you will ultimately be able to receive an unsecured card.
If you are meeting with a lawyer to discuss bankruptcy, the initial consultation should be free so ask every question you have. When you arrive at a consultation ask plenty of questions. You should also seek free consultations from several attorneys prior to choosing one. Only make a decision after you have met with several attorneys and all of your concerns and questions have been addressed. It is not necessary to come to a decision immediately following the meeting. Take the time to meet with a number of attorneys.
If you are considering filing for bankruptcy you definitely need to hire an attorney. Bankruptcy is a complex process, and you probably don’t know all the information that is required to navigate it. When you engage the services of a bankruptcy lawyer, you can be assured of getting the help your need to proceed correctly.
Protect your house. It isn’t inevitable that you will lose your house when you file for bankruptcy. Depending on whether the value of your home has decreased or if you have a second mortgage on the home, you may end up keeping it. There are other options such as a homestead exemption which offers you a chance to remain in your home, depending on whether or not you meed certain financial conditions.
Make sure you know how to differentiate between Chapter 13 and Chapter 7. Take the time to learn about them extensively, and then figure out which one will be best for your particular situation. Do not hesitate to have your lawyer explain any details that seem difficult to grasp. This will help ensure you make the right choice when filing.
Chapter 13
Consider Chapter 13 bankruptcy, if you chose to file. 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. That kind of bankruptcy allows you to hold on to your personal things and real estate while repaying your debts with a plan to consolidate your debt. Generally, this stays in effect for up to 5 years. Afterwards, your unsecured debts clear from your accounts. Stay mindful that should you for any reason miss even one plan payment, your whole case is going to get thrown out by the court system.
The road to personal bankruptcy is a sad and difficult one. On the other hand, the new beginning that bankruptcy offers can lead to a new life story. The truth is, that by using the tips in this piece, it is possible to make bankruptcy a positive experience that gives you the fresh start you need.
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