Bankruptcy is serious, and should not be looked at as something that isn’t a big deal. It is important that you understand everything involved in filing bankruptcy. The advice in this article will get you off to a good start. A good amount of research will help you choose the right path to take.
Don’t be afraid to remind your lawyer about important aspects of your case. Inaccurate or incomplete information can lead to your petition being denied. Speak up. This is your life, and your future depends on it.
The best way to build your credit up after a bankruptcy is making all your payments on time. If you find yourself in this situation, you may want to think about getting a secured card or two. This at least shows you are making an honest attempt at reestablishing your credit worthiness. After a time, you are going to be able to have unsecured credit cards too.
Do some research to find out which assets you could lose by filing for personal bankruptcy. The Bankruptcy Code provides a list of all the different kinds of assets that you can exclude. It is important to be aware of this list so you will know what assets are saved. If you are not aware of the rules, you could be setting yourself up for a lot of stress when your most important possessions are taken in the bankruptcy.
No good will come of trying to conceal your assets or your liabilities in the bankruptcy process; you want to be scrupulously honest when you declare bankruptcy. The professional that helps you file for bankruptcy has to have a complete and accurate picture of your financial condition. Be completely honest in your paperwork to avoid a situation that may end in severe punishment.
Be persistent in researching information about filing for bankruptcy and consult a qualified personal bankruptcy attorney. You can often have property returned to you. Autos, jewelry and even electronics that have been repossessed, could be returned. If you have any property in repossession that was taken less than three months before filing for bankruptcy, then there are good odds that you can get your property back. Consult with a lawyer who can advise you on what you need to do to file a petition.
60 Month Period
Make certain that you comprehend the differences between Chapters 7 and 13. Chapter 7 involves the elimination of all of your debt. This includes creditors and your relationship with them will become no longer existent. With a chapter 13 bankruptcy, a 60 month period of time will be established in which you will repay the as much of your debt as possible. Following the 60 month period of time, the remainder of your debt will be excused. It is vital that you know the differences between these types of bankruptcies, in order to find the option that’s best for you.
Most bankruptcy lawyers offer a free consultation, so meet with several before you decide on one. Ask to speak with the licensed attorney and not a representative, who can not offer legitimate legal counsel. Take some time to talk to different lawyers to find one that fits your needs, and meshes well with you.
Safeguard your home. It isn’t inevitable that you will lose your house when you file for bankruptcy. You could keep your home; it depends on your home’s value or if a second mortgage is on your home. If this is not the case, find out more about Homestead Exemptions you might qualify for if you meet certain financial requirements.
Understand the differences between Chapter 7 and Chapter 13 bankruptcy. Be sure you go on the Internet and do your research to see what’s best for you. If there is anything that you don’t understand, go over it with your lawyer so that you can make the best decision.
Chapter 13
Chapter 13 bankruptcy might be a good option, so don’t overlook it. If your total debt is under $250,000 and you have consistent income, Chapter 13 will be available to you. 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. This plan normally lasts from three to five years, in which you’ll be discharged from unsecured debt. 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.
Bankruptcy can get a bit tricky at times, but as long as you’re using what you learned here, the process should be a lot easier. These different choices can be intimidating, but they really aren’t once you get a handle on them. Think carefully about your situation and the tips at hand. Doing this will allow all the information to be processed and benefit your decision making going forward.
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