Considering Bankruptcy? Read These Important Tips First!
Posted at by PConran on category BankruptcyA lot of people in this day and age are deeply into debt. They are hounded by creditors and collection agencies, and their bills show no sign of slowing down. If this sounds like your situation then perhaps filing for bankruptcy may be in the cards for you. Continue reading this article to find out if bankruptcy is something you need to consider.
Millions of Americans file for bankruptcy each year because they can not pay their bills. If you’re in this situation, learn about the laws where you live. Most states differ in their laws governing bankruptcy. For instance, in some states, you can’t lose your home to bankruptcy, while in other states, you can. You should be familiar with the laws for your state before filing for bankruptcy.
Learn as much as you can about bankruptcy by going to informational websites. The US Justice Department, the ABI (American Bankruptcy Institute), as well as the NABCA (National Assoc. Consumer Bankruptcy Attorneys) are excellent sources of information. The more you know, you can be confident you are choosing the right thing and that you are taking the right road to make sure your bankruptcy proceeds as easily as possible.
Once you file for bankruptcy, you will have a hard time getting loans or credits. If this happens to you, think about applying for a couple of secured credit cards. By doing this, you will be letting people know that you want to fix your credit score. Eventually, you could be able to obtain unsecured credit.
Try to get a bankruptcy lawyer that your friends recommend, as opposed to someone that you find from the Internet or yellow pages. There are plenty of companies who know how to take advantage of people who seem desperate, and it’s important to be sure your bankruptcy can go smoothly; take your time and choose someone you can trust.
You must be entirely candid when it comes to declaring assets and obligations in your bankruptcy petition. Regardless of the agency you file with, ensure that you tell them all they should know about your current financial situation, regardless of how good or bad it is. Bankruptcy can be a chance to simplify your finances, but any schemes you employ to conceal the truth can ruin that chance for you.
You should never pay for your first consultation with a bankruptcy attorney. Make the most of this free consultation by asking lots of questions. Seek free consultations from a handful of lawyers, before deciding which one to hire. Only make your decision if all your questions and concerns are adequately addressed. You need not decide right away. Take your time, and schedule consultations with more than one lawyer.
This article should have made it clear that there is plenty of help out there for someone who wants to file for bankruptcy. By approaching bankruptcy proceedings with a clear frame of mind, you can use the process as a valuable tool to help you rid yourself of debt and get on with your life.