Do You Need Help Filing Bankruptcy? Try These Tips
Posted at by PConran on category BankruptcyBankruptcy is an experience nobody ever expects to happen to them. However, some situations in life are simply beyond our control. Once debt reaches a certain level, bankruptcy may be the only option. If you discover that you are faced with bankruptcy, you can help yourself with the knowledge provided below.
Be certain to gain a thorough understanding of personal bankruptcy by using online resources. The United States Some valuable resources include the U.S. Dept of Justice and American Bankruptcy Institute. You need to spend some time gathering valuable information so you can file your bankruptcy with confidence.
Do not consider paying off tax debt with credit cards and filing for bankruptcy afterward. It won’t work. Generally speaking, taxes are not a dischargeable debt. The delays caused by this sort of tactic could leave you owing the IRS a great deal in interest and penalties. Generally speaking, debt incurred to pay taxes and the tax bills themselves are treated the same in a bankruptcy. Therefore, you have no reason for use of a credit card, if the amount is to be discharged in due process of the bankruptcy.
Before you file for bankruptcy, carefully consider if it is the right option for you. Avail yourself of other options, including consumer credit counseling, if they are appropriate for your situation. Be certain that bankruptcy is the only option you have before pursuing this course because bankruptcy is always evident on your financial and credit history.
Be sure to remind your lawyer if it seems that some details of your situation are forgotten. Don’t assume that he’ll remember something from a month ago; tell him again. Remember that you’re the boss. You’re paying your lawyer, so you should not be afraid to have your say. After all, the quality of your life hangs in the balance.
If you can, get a word-of-mouth referral for a lawyer. There are plenty of companies who know how to take advantage of people who seem desperate, and it’s important to be sure your bankruptcy can go smoothly; take your time and choose someone you can trust.
Don’t throw in the towel. Certain property cannot be repossessed while you are in the process of filing for bankruptcy so be sure to learn about the laws in your state. If your personal property was repossessed within 90 days before your bankruptcy filing, you may have a chance of getting it back. Consult with a lawyer who can advise you on what you need to do to file a petition.
Hire a lawyer if you plan on filing for bankruptcy. There are a lot of things to do during bankruptcy and that may be hard for you to understand on your own. A bankruptcy attorney can help yo,u and make certain you can do things the right way.
Consider Chapter 13 bankruptcy, if you chose to file. With a consistent income source and less than $250k in debt, try filing for Chapter 13. Not only can you repay your debts through consolidation, personal property can be kept, as well as real estate. This plan normally lasts from three to five years, in which you’ll be discharged from unsecured debt. However, if you miss even one payment, the court will dismiss your entire case.
When you are forced to file for bankruptcy, you should have some excellent knowledge on what to do. The more you know, the easier this complicated process will be. Now that you have read the advice shared here with you, you can move forward on the right financial path for you.