Simplifying The Bankruptcy Red Tape For You
Posted at by PConran on category BankruptcyIt is not uncommon these days for people to be drowning in debt. Debt continues to mount while collection phone calls continue to rise. If this is happening to you, personal bankruptcy may be an option. Continue reading to learn more about whether you need to file for bankruptcy or not.
When people owe more than what can pay, they have the option of filing for bankruptcy. If this is your case, you should do some research about bankruptcy laws in your state. Every state has a separate law having to do with bankruptcy. For instance, your home might be protected in some states while you might lose it in others. Familiarize yourself with the bankruptcy laws of your state prior to filing.
One of the most important things to remember when filing for bankruptcy is to be honest and truthful every step of the way. Do not hide any income or assets or go on a spending spree before filing for bankruptcy: the court will find out and will not have a positive opinion of you.
If you can, get a word-of-mouth referral for a lawyer. Although you may find a good lawyer through an advertisement, you can simply find a much better lawyer if the lawyer is recommended to you by someone who has gone through the process and who has the inside track on the lawyer’s true capabilities.
There is hope! If you file for bankruptcy at the right time it could enable you to get your property back that you lost to repossession. You may be able to recover repossessed property if the repossession occurred fewer than 90 days ago. Consult with a lawyer that can walk you through the filing process.
If you’re going to file bankruptcy, you need an attorney. It is difficult to make all of the necessary decisions yourself, and expert guidance will be helpful. A bankruptcy attorney can help yo,u and make certain you can do things the right way.
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 know what these changes are, go to your state’s website or contact the legislative offices.
Most bankruptcy lawyers give free consultation, so try to meet with these types of lawyers before deciding on hiring one. Make sure that you meet with an actual lawyer and not an assistant or paralegal, as these people are not allowed to provide legal advice. Take some time to talk to different lawyers to find one that fits your needs, and meshes well with you.
You could see about filing for Chapter 13 personal bankruptcy. If you owe an amount under $250,000 and have a consistent income source, Chapter 13 may be right for you. You can secure your home under Chapter 13 and pay your debts with a payment plan. Typically, any plan you develop will last around 3-5 years. Afterwards, any remaining unsecured debts will be discharged. Bear in mind that if you miss a single payment that is due under your plan, the entire case will be dismissed by the Court.
Clearly, significant resources and assistance can be had by anyone contemplating personal bankruptcy. If you approach this with a clear mind and in the right way, it can give you the debt relief that you have longed for and will enable you to get back on your feet.