Need A Fresh Start? Read These Tips Now!
Posted at by PConran on category BankruptcyCommon emotions experienced by people going through bankruptcy are sadness, frustration, and anger. Those who file bankruptcy worry they will be stuck and unable to pay their bills and still live their lives everyday. By reading this article, you will soon realize that bankruptcy is not the end of the road for your financial future.
A lot of people find themselves needing to file bankruptcy when they are unable to pay their bills. When you are faced with this issue, begin to familiarize yourself with your state’s laws. Laws differ from one state to the other. For instance, in some states you can keep your home and car, while other states prohibit this. It is important to understand the laws in your state before filing for bankruptcy.
You should check with the personal bankruptcy resources available online to educate yourself thoroughly before you begin the process. The U.S. DOJ, along with a number of other bankruptcy institutes and attorneys specializing in bankruptcy can give you invaluable information. The more you know about it, the better you are able to make the best decision for your situation and to make sure that the bankruptcy proceedings move forward with minimal setbacks.
Do not use your retirement fund or savings to pay off creditors. Avoid ever touching retirement funds until you have no other choice. Of course you will have to touch some of your savings to get through all of the hearings, but do not put out any money that you do not have to by law.
Do some research to find out which assets you could lose by filing for personal bankruptcy. There are some assets that cannot be seized through bankruptcy, and the law lists those assets. It’s crucial to read that list before filing to see which of your prized possessions can be seized. If you fail to go over this list, you may be unpleasantly surprised sometime down the road if any of your most valued items are seized.
Be persistent in researching information about filing for bankruptcy and consult a qualified personal bankruptcy attorney. When you file for personal bankruptcy, you may even be able to retrieve personal property that has been repossessed. For example you may be able to get your car, electronics and even jewelry returned to you. If you have property repossessed less than ninety days prior to filing your bankruptcy, you may be able to get it back. Consult with a lawyer who can advise you on what you need to do to file a petition.
You should not have to pay for a consultation with a bankruptcy attorney. Make sure you ask lots of questions. Most attorneys offer free consultations, so meet with a number of them before you retain one. Do not make any final decisions until every question you have has been answered. You can think about your decision before making a commitment. You can take as much time as you need to meet with different lawyers.
Know the differences between Chapter 7 and Chapter 13 bankruptcy. Every one of your debts will be gone if you decide to go with Chapter 7. All the things that tie you to creditors will go away. If you file using chapter 13 bankruptcy, you will go through a sixty month repayment plan prior to all your debts being completely dissolved. It’s crucial that you know the differences between all of the various kinds of bankruptcies so that you may choose the best option for your situation.
Know and understand the difference between filing for Chapter 7 bankruptcy versus Chapter 13 bankruptcy. There is a wealth of information online about each type of bankruptcy and their respective pluses and minuses. If you have trouble understanding the wealth of information, talk to your lawyer so he or she can help you make an informed choice.
You should now see there is hope, even if you have had to file for bankruptcy. You may have found yourself being fearful when you began thinking of bankruptcy, but once you get through it, you will find it’s not the end of the world. Follow the advice in this article for help in controlling your debt and deciding if bankruptcy is right for you.