Need Help Filing Bankruptcy? Try These Ideas!
Posted at by PConran on category BankruptcyThe economic climate in this country has led to an increase in bankruptcies. Threats come from collection agencies and other creditors while the bills just keep piling up. If this sounds a lot like your personal situation, you may have started thinking about filing for bankruptcy. To find out if filing for personal bankruptcy is the right thing for you to do, read on.
It is essential that you are honest and forthright in the documentation you provide for your bankruptcy filings. Lying on your filing can cause dire consequences such as: delays, penalties, being prevented from re-filing, or even jail time.
Speak to a bankruptcy attorney about what new laws may be going into effect before your bankruptcy filing. Bankruptcy law evolves constantly, and it’s important to stay up-to-date to ensure that you file properly. To learn about these changes, try contacting your state’s legislation office or checking their website.
Always protect your house. Bankruptcy doesn’t always mean you’ll lose your home. It depends what your home value is and if there is a second mortgage, as all this stuff comes into play when determining if you can keep the home. Otherwise, there is a homestead exemption you should look into, as it might let you stay in your house.
Learn about teh differences between Chapter 13 and Chapter 7 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.
Spending time with the people you love is something you should do now. Filing for bankruptcy, and all that comes with it, can be hard to handle at times. Not only is the process long, but it can be stressful, and many people feel ashamed when they do it. Some folks tend to stay in the shadows until their case has concluded. However, becoming a hermit will only increase feelings of self-doubt and could make you depressed. So, it is critical that you spend what quality hours you can with loved ones, regardless of your financial circumstances.
Think about all the choices available to you when you file for bankruptcy. Speak with an attorney who specializes in bankruptcy to find out if alternatives, such as a debt repayment plan or a reduction of your interest rates, might be better for you. Loan modification can help you get out of foreclosure. The lender can help your financial situation by getting interest rates lowered, dropping late charges, and in some cases will allow you to pay the loan over a longer period of time. Making arrangements with the creditors to make reasonable payments towards you debt is a much better plan than bankruptcy because the lender simply wants the loan repaid.
Do not forget to enjoy life a little once you get through the initial filing process. The filing process is extremely stressful for a lot of the people who go through it. This stress could morph into clinical depression, if you fail to adequately address the problem. Things will be sunnier after you take positive steps to move forward.
As you now know, there is help out there for you if you want to file for bankruptcy. With an open mind, you will be able to soon get the help you need to help your financial situation.