Personal Bankruptcy Lawyers And What You Should Know About Them
Posted at by PConran on category BankruptcyNowadays, more and more people are facing the sad reality that they have no choice but to file for bankruptcy. The economy has hit many people from all walks of life hard. However, before selecting this option make sure you know everything you need to know before you head too far down the path. This article will provide you with that information.
If you are truly faced with bankruptcy, avoid blowing your savings or retirement money, trying to pay off debts. Unless there are no other options, your retirement funds should never be touched. While dipping into your savings is likely to be necessary, avoid wiping it out completely to prevent leaving yourself with little financial security in the future.
When filing for bankruptcy it is crucial that you are candid and not concealing any liabilities or assets, as it will only show up in the future. Your attorney and trustee should be privy to all information about your finances. Do not leave anything out and come up with smart plan to manage the situation you are dealing with.
Do not despair, as it’s not the end of the world. When you file for bankruptcy you may be allowed to recover property like your car, electronics or jewelry that might have been repossessed. 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. Speak to a lawyer who will be able to help you file the necessary paperwork.
Before filing for bankruptcy, hire a qualified attorney. Personal bankruptcies are detailed and complex processes, and you may miss something that costs you money. A bankruptcy attorney can help yo,u and make certain you can do things the right way.
Before declaring bankruptcy, ensure that all other options have been considered. There are numerous programs out there that may assist you with your debt, like a credit counseling program, a nonprofit group, government assistance, etc. Negotiating with creditors is another option, but creditors are notorious for “forgetting” these agreements, so get them in writing!
Know and understand the difference between filing for Chapter 7 bankruptcy versus Chapter 13 bankruptcy. Read up on the topic and familiarize yourself with the benefits and drawbacks of both variations. If the information you read is unclear to you, take the time to go over the specifics with your lawyer before making a decision on which type you will want to file.
Research Chapter 13 bankruptcy, and see if it might be right for you. If you have less than a quarter of a million dollars in debt that is unsecured and a regular income, you are eligible to file a Chapter 13. This will allow you to keep your personal property and real estate and repay your debts via a debt consolidation plan. This plan normally lasts from three to five years, in which you’ll be discharged from unsecured debt. However, if you were to miss a payment, the court would dismiss your case right away.
As you are no doubt aware, bankruptcy is much talked about in today’s economy. To help you make good decisions regarding bankruptcy, consult with this article and use the knowledge to your advantage.