Filing for personal bankruptcy is quite a complicated process. There are a number of kinds of bankruptcy, and to determine the best kind, you must consider the state of your finances and the type of debt you have. The most important step you can take, of course, is to learn what you can about the process before ultimately deciding one way or the other. This information may point you in the right direction.
Be certain to gain a thorough understanding of personal bankruptcy by using online resources. The U.S. There is solid advice available from the NACBA, (Consumer Bankruptcy Attorneys’ association) the ABI, (American Bankruptcy Institute) and the United States Department of Justice. By being well armed with the correct knowledge, you can be certain of the decision that you have made. Additionally, you will understand the processes necessary to conduct your personal bankruptcy matters in a smooth manner.
Honesty is of utmost importance during your filing, even though it may be tempting to “pad” your answers a little. Not only is hiding income and assets wrong, it is also a crime.
Don’t feel bad if you need to remind your attorney about any specifics of your case. Lawyers are people too, and sometimes they forget important information and need to be reminded. Your case and future are affected by the attorney’s action, so never be afraid to communicate.
Try to get a bankruptcy lawyer that your friends recommend, as opposed to someone that you find from the Internet or yellow pages. You want your bankruptcy to go smoothly, and the Internet is rife with fly-by-night companies whose only goal is to prey upon the financially desperate.
Prior to filing your bankruptcy petition, go over the list of assets that cannot be seized by creditors. There are some assets that cannot be seized through bankruptcy, and the law lists those assets. Be well prepared for bankruptcy by reviewing this list. It will tell you whether are not the things you value most are subject to seizure. You wouldn’t want to unexpectedly lose any possessions you treasure.
Be honest when filing for bankruptcy, because hiding liabilities or assets can only cause trouble to you. Your attorney and trustee should be privy to all information about your finances. You are in this situation, now help them to give you the best assistance possible to deal with it. You do that by giving full disclosure and holding nothing back.
You should not have to pay for a consultation with a bankruptcy attorney. Make sure you ask lots of questions. The majority of lawyers offer their first consult at no cost, so ensure you meet with several to find one that you like. You should make a final decision only once all of the questions or concerns are sufficiently attended to. Take your time before you decide to file after you meet with your lawyer. You have lots of time for consulting with other lawyers.
Chapter 7
Know the differences between Chapter 7 and Chapter 13 bankruptcy. The Chapter 7 variety can help you eliminate your debts almost entirely. This type of bankruptcy ends any relationship you might have with creditors. With a Chapter 13 bankruptcy, you will have to make payments for 5 years before the debts are forgiven. You have to know what differs between all of the kind of bankruptcy, so you know which is one is ideal for you.
Protect your house. Filing for bankruptcy will not always result in losing your home. It may be possible to keep your home if the value has depreciated, or there is a second mortgage. Check to see if you pass the requirements necessary to file for a homestead exemption.
You will now be aware that a good deal of thought should be applied before bankruptcy papers are filed. After weighing all of your options, if you conclude that bankruptcy is the best option for your particular situation, be sure to hire a competent attorney. Follow the advice given in this article to get through this rough time and move on to a more secure financial future.
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