What You Should Know About Personal Bankruptcy
Posted at by PConran on category BankruptcyFeeling sad and frustrated are a couple of the many emotions people feel when going through bankruptcy. They are very worried about paying bills and living day-to-day. As you will soon learn, there is a way out.
Ask yourself if filing for bankruptcy is the right thing to do. Avail yourself of other options, including consumer credit counseling, if they are appropriate for your situation. Your credit record will be harmed by a bankruptcy filing, and therefore prior to making such a decision, it is wise to investigate other options in order to minimize the damage you suffer.
Do not be afraid to remind your attorney of important specifics of your case. You should not take for granted that your lawyer will remember every important detail that you have have told him earlier without a reminder. Speak up. This is your life, and your future depends on it.
It can be difficult to obtain unsecured credit once you have filed for bankruptcy. In this event, you should attempt to apply for a secured card or two. By doing this, you will be letting people know that you want to fix your credit score. After using a secured card for a certain amount of time, you might be offered an unsecured card once again.
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 bankruptcy lawyer has to know every detail of your finances, whether bad or good. Do not leave anything out and come up with smart plan to manage the situation you are dealing with.
No matter what, don’t give up! If you file for bankruptcy, you might be able to reclaim certain property that has been repossessed, such as your car, electronics or jewelry. If your personal property was repossessed within 90 days before your bankruptcy filing, you may have a chance of getting it back. Speak with a lawyer that will provide you with guidance for the entire thing.
If you are meeting with a lawyer to discuss bankruptcy, the initial consultation should be free so ask every question you have. Since most attorneys offer free consultations, meet with a few attorneys before deciding who to hire. Only make your decision if all your questions and concerns are adequately addressed. It is not necessary to decide immediately after your consultation. That gives you the chance to speak to a number of lawyers.
Before making your decision to file for bankruptcy, double-check to see if other, less drastic options could make sense. For example, if your debt is small, try a type of consumer counseling program. You may also find success in negotiating lower payment arrangements yourself, but be certain to get any arrangements with creditors in writing.
Be certain to grasp the distinction between Chapter 7 and Chapter 13 bankruptcy cases. Chapter 7 is the best option to erase your debts for good. All the things that tie you to creditors will go away. Chapter 13, on the other hand, involves a five year payment period before any remaining debts are cancelled. It is worth while to take your time to research both types of bankruptcy to decide which option works best for you, and your financial situation.
It is wise to meet with several lawyers before making a final decision, take advantage of the free consultations to find one that is a good fit for you. Ask to speak with the licensed attorney and not a representative, who can not offer legitimate legal counsel. It will be important to work with a bankruptcy lawyer that you feel comfortable with; a little comparison shopping will help you find the right one.
After reading, you can see you do have options available, and bankruptcy does not signal the end of the world. It can be disturbing at first, but it is possible to overcome bankruptcy. Follow the advice in this article for help in controlling your debt and deciding if bankruptcy is right for you.