Having Financial Issues? Have You Considered Bankruptcy?
Posted at by PConran on category BankruptcyIf your valuable items are facing repossession, it can leave you feeling anxious or fearful. You can eliminate calls from debt collectors and get your finances back on track by filing for bankruptcy. Take a few minutes to go over this article and make good use of the tips presented.
Don’t look at bankruptcy as a first step. Look at all the other options you may have first. Other available options include consumer credit counseling. Bankruptcy stays on your credit for a whole decade, so if there are less drastic options that will solve your credit problems, it is in your best interest to make use of them.
Don’t avoid telling your lawyer specific details with your case. Don’t just assume they already know and that they have these important details committed to memory or written down. It is in your best interest to speak out. You are in control of the outcome of your bankruptcy.
Don’t give up. You might even be able to get back secured property that has been repossessed in the 90 days before filing. If it has been 90 days or less between the repossession of your property and your filing, you might be able to get your property back. Consult with a lawyer who can help you along with filing the petition.
Be sure to enlist the help of a lawyer if you’re going to be filing for bankruptcy. It is unlikely that you will be able to comprehend all the various rules and regulations involved in bankruptcy law. A personal bankruptcy lawyer will be able to help you and ensure you are doing things the proper way.
Be certain that you can differentiate between Chapter 7 and Chapter 13 bankruptcy. All debt will be eliminated with Chapter 7. You will no longer be liable for any money that you owe to your creditors. Chapter 13 bankruptcy though will make you work out a payment plan that takes 60 months to work with until the debts go away. Take the time to learn more about these different options so you can make the best decision possible.
Prior to choosing a bankruptcy attorney, seek a free consultation with at least three attorneys. It is important to meet with the actual lawyer, because paralegals or assistants cannot give you legal advice. By shopping lawyers, you will be more likely to find one that makes you comfortable about the process.
Safeguard your home. Bankruptcy doesn’t always mean you’ll lose your home. You could keep your home; it depends on your home’s value or if a second mortgage is on your home. It can be worthwhile to understand the homestead exemption law to see if you qualify to keep living in your home under the financial threshold requirements.
If your earnings are higher than your expenses then filing for bankruptcy is a waste of time and money. Remember that the record of your personal bankruptcy filing will be discernible on the report of your credit for as many as 10 years. For this reason, bankruptcy filing should not be taken lightly.
It is important to file bankruptcy before its too late. Some people think that by ignoring financial problems, they will just disappear. This kind of thinking could prove to be a mistake. Being in debt can quickly put you into very deep hole and if you do not rectify the situation fast, you could face wage garnishment or even worse, foreclosure. As soon as you discover your debt is getting too big, immediately get hold of a bankruptcy attorney so that you can talk to him or her about your options.
Although personal bankruptcy remains an option, look into other avenues before making the decision to pursue it. Also keep in mind that a lot of debt consolidation companies are scams that can make your debt worse. Remember the tips in this article so you can make the best financial choices and avoid future debt.