Archive for the ‘ Bankruptcy Facts ’ Category

Is Bankruptcy The Right Choice For You? Things To Think About

August 4, 2013

TIP! You should avoid paying your taxes with credit cards and then immediately file for bankruptcy. In a lot of places, the debt cannot be discharged, and you may still owe money to the IRS.

There are many people who are now in debt levels over their heads. They are hounded by creditors and collection agencies, and their bills show no sign of slowing down. If this is happening to you, then you might want to think about personal bankruptcy. This article will help you to decide if filing for bankruptcy is the right option for you.

TIP! Ask yourself if filing for bankruptcy is the right thing to do. Consider any other options that are available to you, such as consumer credit counseling.

Although you can find many bankruptcy attorneys listed in your local Yellow Pages or online, it’s best if you can find one through the personal recommendation of a friend, family member or acquaintance. Don’t be taken in by some fly-by-night company that exists only to profit from the suffering of others. Check out any lawyer you are considering thoroughly before engaging him or her.

TIP! If you are truly faced with bankruptcy, avoid blowing your savings or retirement money, trying to pay off debts. Retirement funds should be avoided at all costs.

Be honest when filing for bankruptcy. Don’t hide liabilities or assets, as they’ll come back and haunt you. The person you choose to file with needs to know both the good and bad aspects of your finances. Don’t hold back information and create a strategy so you can deal with what’s really happening.

Bankruptcy Lawyers

TIP! Remember to only file for bankruptcy if you need to. Many times a consolidation loan will ease your financial struggles.

When you do meet with a lawyer make sure that they answer all of your questions and that they do not charge you for consultation alone. Free consultations are standard practice among bankruptcy lawyers, so interview multiple candidates before making a final decision. Therefore consult with different lawyers and get a feel for them, then decide which one suits your needs You don’t need to decide what to do right away. If you’re unsure, don’t hesitate to talk to multiple bankruptcy lawyers.

TIP! Filing for bankruptcy is not recommended when you have income more than your debts. Although bankruptcy may feel like a simple method of getting out of your large debt, it leaves a permanent mark on your credit history for up to 10 years.

If you have reached a point where you are forced to file bankruptcy, you can now understand that many resources are available to help you. If you deal with your stress in a positive way and make level-headed decisions, your bankruptcy filing will be a step in the right direction for a renewed financial future.

A Fresh Start For You Through Bankruptcy?

August 3, 2013

TIP! If you are in a position where you are unable to pay your debts, bankruptcy may be the only option for you. If you’re in this position, it is a good thing to familiarize yourself with the laws that apply in your area.

Is your financial situation bad and you think the only solution is bankruptcy? Do not despair, because there are other people in the same boat. Lots of people all over the world have used bankruptcy as a means to get themselves out of a troubled financial situation. So have a look through the contents of this article to see what you should know about bankruptcy.

TIP! Don’t be reluctant to remind your lawyer about specific details he may not remember. Don’t just assume that the attorney will remember it automatically.

Think twice if you have struck upon the idea of paying off your taxes by credit card and subsequently filing for personal bankruptcy. In many parts of the country, you cannot get this debt discharged, and in the end you will be left owing the IRS a big sum of money. Generally speaking if you can discharge the tax, you can discharge the debt. Therefore, you should not pull your credit card out for purchases if it is just going to be discharged during the bankruptcy.

TIP! After a bankruptcy, you may still see problems getting any kind of unsecured credit. If you are in this situation, applying for a secured card may be the answer.

Once the bankruptcy is complete, you may find it difficult to receive unsecured credit. A great way to rebuild your credit is to apply for a prepaid credit card. You can exhibit your desire to rebuild your credit this way. Once creditors see that you are making an effort to restore your credit, they may allow you to get an unsecured card in the future.

TIP! Prior to putting in the bankruptcy paperwork, determine what assets are protected from seizure. Bankruptcy exemptions are properties may not be seized during bankruptcy.

Try to find a bankruptcy attorney who is personally recommended, rather than off the Internet, or out of the yellow pages. To handle your bankruptcy, you need a trusted attorney, not a shady one that is out to take your money.

TIP! Before filing for bankruptcy, hire a qualified attorney. Personal bankruptcy is quite complex, and it is entirely possible that you will not be able to familiarize yourself with all the laws and processes.

Don’t pay for an attorney consultation and ask him or her anything you want to know. Almost all lawyers will give a free consultation, so meet with more than one before making a decision on whom to hire. Therefore consult with different lawyers and get a feel for them, then decide which one suits your needs You do not have to give them your decision right after the consultation. That gives you the chance to speak to a number of lawyers.

TIP! Know the differences between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 is the best option to erase your debts for good.

In conclusion, you aren’t alone when it comes to filing for bankruptcy. But since reading this article, you now have information that others don’t have. Use the information here to help see you through a smooth bankruptcy.

Deciding If Personal Bankruptcy Is Right For You – Issues To Consider

August 2, 2013

TIP! It’s not uncommon to learn soon after bankruptcy that you are unable to get an unsecured credit card easily. If you are in this situation, applying for a secured card may be the answer.

Bankruptcy can be tough. When you are dealing with financial stress, you come to the realization there aren’t many options. However, do not give in to despair. There is a way to get your financial difficulties under control and this article will show you how to get started.

TIP! If possible obtain a personal recommendation for a bankruptcy lawyer instead of randomly choosing one. Companies are constantly popping up, claiming to help, yet only seek to profit from your misery.

Once the bankruptcy is complete, you may find it difficult to receive unsecured credit. If this happens to you, think about applying for a couple of secured credit cards. 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.

TIP! Don’t be tempted to race toward a bankruptcy without taking time to make sure it is the right thing for you to do. Consolidating current debt could make it easier to manage.

Instead of getting your lawyer from the yellow pages or on the Internet, try your hardest to find one with a personal recommendation. There are a number of companies who may take advantage of your situation, so always work with someone that is trustworthy.

TIP! Consider Chapter 13 bankruptcy, if you chose to file. If you are receiving money on a regular basis and your unsecured debt is under $250,000, you may be able to file Chapter 13 bankruptcy.

Don’t give up. Bankruptcy might help you get back things you thought you’d lost and had repossessed, such as electronics, vehicles and jewelry. Filing for bankruptcy may allow you to regain ownership of recently repossessed property. A qualified bankruptcy attorney can walk you through the petition process.

TIP! If keeping your vehicle is of great concern, ask your lawyer if you can secure a payment modification. A lot of the time you can lower payments by filing for Chapter 7 bankruptcy.

Don’t pay for an attorney consultation and ask him or her anything you want to know. Almost all lawyers will give a free consultation, so meet with more than one before making a decision on whom to hire. Only make your decision if all your questions and concerns are adequately addressed. You don’t have to make your decision right after this consultation. Take the time to meet with a number of attorneys.

TIP! Before you decide to file for Chapter 7 bankruptcy, consider how it could affect other people on your credit accounts, such as family members or business partners. Once you file for Chapter 7 bankruptcy protection, you no longer have legal responsibility for debts that you and any co-signers originally agreed to.

Filing for bankruptcy does not have to mean you are financially limited in the future. Saving your money goes a long way to show your lenders concrete proof that you are serious about reestablishing your credit. So begin saving your money and you will realize how much difference it makes when shopping for a home loan or car.

Worried By The Thought Of Bankruptcy? Read On For Some Helpful Advice

August 1, 2013

TIP! Before making the decision to file for bankruptcy, be sure to do some research and learn all you can about the subject. There are many websites available that offer this information.

It is an unfortunate fact that the topic of bankruptcy is quite common nowadays. The general state of the economy is at least partially to blame. Just because it’s more commonplace doesn’t make it simpler, however. So before you decide to file a claim to get out of debt, you first need to ensure that you understand the implications of the entire process. Keep reading for the knowledge you need.

TIP! As bankruptcy appears on the horizon, don’t take your savings or retirement accounts to try to pay off all your bills. Unless there are no other options, your retirement funds should never be touched.

You should avoid paying your taxes with credit cards and then immediately file for bankruptcy. Most of the time, you won’t be able to discharge this debt, and you could make things worse with the IRS. The rule here is that if you can get the tax discharged then you can get the debt discharged. Therefore, you have no reason for use of a credit card, if the amount is to be discharged in due process of the bankruptcy.

TIP! It’s not uncommon to learn soon after bankruptcy that you are unable to get an unsecured credit card easily. If you do, then try applying for a coupe of secured cards.

If you suspect that bankruptcy filing may be a reality, don’t try to discharge all your debt in advance by emptying your retirement or saving accounts. You should never touch your retirement accounts, unless you have absolutely no choice. Although it is quite normal to use some of your savings, ensure that you leave enough in your account for emergencies.

TIP! It is important to list all your assets and liabilities during the bankruptcy proceeding. Failure to do so will only cause you problems in the end.

Prior to filing for bankruptcy, determine which assets, if any, are exempt from being seized. Certain assets, as listed in the local bankruptcy regulations, are immune from seizure during bankruptcy. It is important that you read this list before filing for bankruptcy, so that can find out whether or not your most prized possessions will be seized. If you aren’t aware of this, you could lose some assets that you value.

TIP! Be persistent in researching information about filing for bankruptcy and consult a qualified personal bankruptcy attorney. You may be able to regain property like electronics, jewelry, or a car if they’ve been repossessed by filing for bankruptcy.

Many people file for bankruptcy every year, mainly because the economy is bad for everyone. To make sure the best decisions are being made in terms of bankruptcy, use this advice.

On The Verge Of Bankruptcy? These Tips Are Here To Help!

July 31, 2013

TIP! If you are considering using credit cards to pay your taxes and then file for bankruptcy, you may want to rethink that. Most of the time, you won’t be able to discharge this debt, and you could make things worse with the IRS.

The path to bankruptcy is not normally a happy one, but your life can improve once the filing has occurred. Wiping the slate clean means having a new lease on life. Keep reading for ways to experience bankruptcy as a positive thing.

TIP! If filing bankruptcy is in your future, don’t waste any savings you may have attempting to pay off your debts. You should not use your retirement savings unless the situation calls for it.

Filing for bankruptcy is something many people are forced to do when there debts become too much of a burden, and they can no longer afford to pay them. If this describes your situation, it makes sense to become familiar with relevant laws. You will find that each state has their own bankruptcy laws. Your house is safe in certain states; however, in other states, it isn’t. Before filing for personal bankruptcy, be certain that you are familiar with the laws.

TIP! When choosing a bankruptcy lawyer, your best option is to find someone who is recommended by someone you know versus someone who you find online or in the phone book. Companies are constantly popping up, claiming to help, yet only seek to profit from your misery.

You can find a wealth of information concerning personal bankruptcy by searching for websites which offer information about it. The United States Department of Justice and American Bankruptcy Institute are both sites that provide free advice. The more you know about it, the better you are able to make the best decision for your situation and to make sure that the bankruptcy proceedings move forward with minimal setbacks.

TIP! You should be able to meet with a specialized lawyer for free to ask your questions. Most attorneys offer free consultations, so meet with a number of them before you retain one.

Always remind your lawyer of specifics that are important to your case. Inaccurate or incomplete information can lead to your petition being denied. Do not hesitate to speak up; this is your hearing and your future is on the line.

Secured Card

TIP! Before you decide to declare bankruptcy, make sure that a less-drastic solution isn’t more appropriate. For example, if you only have a little bit of debt, you might be better off if you went through consumer credit counseling.

Be warned that after your bankruptcy, you may stand out as a leper to credit institutions. You may be unable to get a simple credit card. 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. If you pay your secured card off on time, you’ll eventually find that companies will start offering you unsecured credit.

TIP! There are two types of personal bankruptcy: Chapter 7 and Chapter 13. Make sure you know what each entails so you can make the right choice.

As stated in the above article, anytime someone is forced into bankruptcy is never a happy situation. On the other hand, the new beginning that bankruptcy offers can lead to a new life story. Follow the advice from this article, and use personal bankruptcy to get your fresh start.

Great Tips To Help You Work Through Personal Bankruptcy

July 29, 2013

TIP! Individuals often seek to file for personal bankruptcy protection if their debts exceed their ability to repay them. If this sounds familiar, you should read up on the bankruptcy laws in your state.

You should know that you are not alone if you feel overwhelmed by debt. Sometimes, it just snowballs from having a little bit of a financial issue to losing complete control in a short amount of time. Getting out of debt is not easy, especially if you do not have a steady job. In some situations, filing for bankruptcy might be the best option.

TIP! Exhaust every other option before making the decision to file for personal bankruptcy. You have other options available like consumer credit counselling services.

Do some research to find out which assets you could lose by filing for personal bankruptcy. The federal statutes covering bankruptcy can tell you exactly which assets are exempt from forfeiture to pay off creditors. Make sure that you carefully look over this list prior to filing to discover if your valuable assets will be seized. It is important to know what types of possessions may be taken away before they actually are seized.

TIP! If filing bankruptcy is in your future, don’t waste any savings you may have attempting to pay off your debts. Retirement accounts should never be touched if it can be helped.

You are going to get found out and get in trouble if you don’t disclose all your assets, so be totally honest from the beginning. The person you choose to file with needs to know both the good and bad aspects of your finances. Do not hold anything in secret and create a strategy on how you will deal with the things you are facing.

TIP! Find out what you exemptions are prior to filing bankruptcy. The Bankruptcy Code provides a list of all the different kinds of assets that you can exclude.

When a bankruptcy is imminent, retain a lawyer immediately. You might not understand all of the various aspects to filing for bankruptcy. An attorney will make sure that everything is being done correctly.

TIP! Find a bankruptcy attorney who offers free consultations, and ask lots of questions. Most lawyers provide a consultation for free, so consult with many of them before picking which one you want to hire.

When your financial situation starts to get really ugly, it can be easy to feel like you need help. When you’re ready to proceed with filing, the above tips should provide a few solid guidelines to follow. Make sure that you don’t take them for granted. You can make a true difference in your day-to-day life by following the advice we have presented here.

Learning How To Deal With A Personal bankruptcy

July 28, 2013

TIP! Many people find that they must file for bankruptcy protection because they have more debt than they can afford to repay. If this applies to you, be sure that you know what the laws of your state are.

The economy has been in a poor state for several years now. People carry more debt and find it harder to stay fully employed when the economy is this bad. Deep debts usually wind up in bankruptcy. This is not a pleasant situation. When you or a loved one is contemplating bankruptcy, it is important to read the following piece in order to understand available alternatives.

TIP! Speak to a bankruptcy attorney about what new laws may be going into effect before your bankruptcy filing. If you want to file for bankruptcy successfully, it’s important to review the latest applicable laws.

Be certain you understand all you can about bankruptcy by researching reputable sites that offer good information. The U.S. Some valuable resources include the U.S. Dept of Justice and American Bankruptcy Institute. The more knowledge you have, the more you are able to make right decisions and find a new future.

Credit Cards

TIP! If you really want to keep your vehicle, speak with your lawyer about possible choices. Often, you can negotiate a lower payment through bankruptcy.

You should avoid paying your taxes with credit cards and then immediately file for bankruptcy. In a lot of places, the debt cannot be discharged, and you may still owe money to the IRS. A common rule is that dischargeable tax means dischargeable debt. So, in short, do not use your credit cards to pay off debts right before you file for bankruptcy.

TIP! It is still possible to get a mortgage or car loan, even if you are filing for Chapter 13 bankruptcy. However, there are steps which must be taken to ensure you are within the law of bankruptcy.

Getting unsecured credit post-bankruptcy will likely be difficult. In this event, you should attempt to apply for a secured card or two. This will allow you to start building a good credit history while minimizing the bank’s risk. After using a secured card for a certain amount of time, you might be offered an unsecured card once again.

TIP! Get the word “shame” out of your head when filing for bankruptcy. It is not uncommon for bankruptcies to elicit feelings of guilt, remorse and embarrassment.

Instead of getting your lawyer from the yellow pages or on the Internet, try your hardest to find one with a personal recommendation. 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.

TIP! Filing for bankruptcy can cause stress. Engage a competent lawyer in order to avoid excess stress and keep everything on track.

While the economy is beginning to gather steam, a number of people still do not have jobs or acceptable compensation. Even long-term job loss does not inevitably have to result in bankruptcy. Hopefully, you won’t have to file for bankruptcy. May good fortune be with you.

Excellent Advice For Someone Dealing With Bankruptcy

July 27, 2013

TIP! Make certain that you comprehend everything regarding personal bankruptcy by studying online. The United States Department of Justice, NACBA, and American Bankruptcy Institute websites are all great places to go for up-to-date information.

Those who face personal bankruptcy sometimes feel negative emotions, like anger. Many people are worried about how they will get their monthly expenses paid. Overcoming this bad financial situation is definitely possible and you will read some helpful tips that will show you how.

TIP! Don’t pay tax requirements with your credit cards with the thought of starting the bankruptcy process afterward, without doing your research first. In many areas of the country, this debt will not be dischargeable, and you could be left owing a significant amount to the IRS.

Make sure that you understand everything you can about personal bankruptcy by visiting websites that offer information. The United States Some valuable resources include the U.S. Dept of Justice and American Bankruptcy Institute. You will find that the process of filing for personal bankruptcy is easier and less of a hassle with the more information on the subject you gather ahead of time.

TIP! If you are faced with the choice of filing for bankruptcy or using your emergency fund or retirement accounts to pay creditors, opt to file for bankruptcy. No matter what you do, do not touch your personal savings unless there is no other option.

When you realize that you probably will file for bankruptcy, do not pay your creditors or try to avoid bankruptcy by spending all of your regular or retirement savings. You should make every effort to leave your retirement accounts untouched until your retire. Although it is quite normal to use some of your savings, ensure that you leave enough in your account for emergencies.

TIP! Try to get a bankruptcy lawyer that your friends recommend, as opposed to someone that you find from the Internet or yellow pages. You want your bankruptcy to go smoothly, and the Internet is rife with fly-by-night companies whose only goal is to prey upon the financially desperate.

When you document your financial records, it is vital that you are 100% truthful in order to have a successful resolution to your bankruptcy process. Not only is hiding income and assets wrong, it is also a crime.

TIP! Determine which of assets are safe from seizure and which are not before filing for personal bankruptcy. The Bankruptcy Code provides a listing of the various asset types that are not included in the bankruptcy process.

When it comes to informing your attorney about your case, don’t be fearful. Many times a lawyer may forget a key detail; therefore, it is important to remind your lawyer of any key information. This is your bankruptcy and your future, so never be nervous about speaking your mind.

TIP! Be honest when filing for bankruptcy, because hiding liabilities or assets can only cause trouble to you. Regardless of the agency you file with, ensure that you tell them all they should know about your current financial situation, regardless of how good or bad it is.

There is hope! You might even be able to get back secured property that has been repossessed in the 90 days before filing. You may be able to get your property back if fewer than 90 days have passed between the repossession and are filing for bankruptcy. Get the advice of a qualified attorney who can advise you about ways to accomplish this.

TIP! When a bankruptcy is imminent, retain a lawyer immediately. Personal bankruptcy is quite complex, and it is entirely possible that you will not be able to familiarize yourself with all the laws and processes.

Filing for bankruptcy isn’t the end of the world. Though it is very difficult, personal bankruptcy is not the end. Using these tips will allow you to get through this process with ease.

Understanding What A Personal Bankruptcy Means For You

July 25, 2013

TIP! Most people end up filing for personal bankruptcy because they owe more than they make. If you find yourself needing to file for bankruptcy it is important to familiarize yourself with the state laws.

Filing for bankruptcy can be difficult, but in the end it can actually make your life easier. On the one hand, you have to go through all your finances and deal with many people going through your financial life. Bankruptcy has a positive outcome since the collection calls will stop. The following are some useful ideas for facilitating a smooth bankruptcy.

TIP! You should avoid paying your taxes with credit cards and then immediately file for bankruptcy. In most states, you will still owe money to the IRS and have to take care of the interest of your credit cards.

Try to make certain you are making the right choice prior to filing your petition. You have other choices, including consumer credit counseling. Bankruptcy leaves a permanent mark on your credit history, so before you take such a large step, you want to exhaust all other options so that the future effects on your credit history are as minimal as possible.

TIP! If you are seriously thinking of filing bankruptcy, make sure that you contact an attorney. You may not know everything you need to know in order to have a successful outcome of your case.

Investigate any new laws before deciding to file a bankruptcy. Bankruptcy laws are in constant flux, so just because you knew the law last year doesn’t mean that the laws will be the same this year. To learn how the law has changed recently, go online and check your state’s website, or call the state government and ask them.

TIP! Always weigh your options carefully prior to deciding to dive head first into filing a bankruptcy claim. If your debts are really not overwhelming, you may find the assistance you need by consulting a consumer credit counselor.

Safeguard your home. Filing for bankruptcy does not always mean you will end up losing your home. Check your home’s current value to see if it has gained equity and get your first and second mortgage papers together. You are still going to want to check into homestead exemption either way just in case.

Chapter 13

TIP! Ensure that you bankruptcy is your best choice. Sometimes consolidating your existing debts can make them more manageable.

Find out more about Chapter 13. Chapter 13 bankruptcy is a good choice for people whose unsecured debts amount to lower than $250,000 and who receive a regular income. Filing for this type of debt will ensure that you can hold onto your real estate and personal property, and will let you develop a consolidation plan to pay off your debts. These kinds of plans usually range across 3, 4 and 5 years. Once this is done, all your unsecured debt will get discharged. Stay mindful that should you for any reason miss even one plan payment, your whole case is going to get thrown out by the court system.

TIP! Find out more about Chapter 13. You are eligible to file Chapter 13 bankruptcy if your income is reliable and your unsecured debt does not exceed $250,000.

There are positives and negatives when you file bankruptcy. No matter what your reason may be for going through with it, you need to know as much as possible about it before you begin. These tips can make dealing with bankruptcy easier. Use the above tips to see positive results when filing for bankruptcy.

Solid Advice On Filing For Personal Bankruptcy

July 24, 2013

TIP! Lots of people have to claim bankruptcy when their bills are larger than their income. If this is your case, you should do some research about bankruptcy laws in your state.

Bankruptcy effects a myriad of people each with different financial situations. However, circumstances can change in an instant, leaving a situation where bankruptcy may be the best choice. It is crucial that you know what to do should it happen to you. If you’re in this boat, read on for some helpful advice.

TIP! Visit web sites and read information to learn as much as possible about the topic of personal bankruptcy. The United States Run a quick Internet search to find out all the different agencies you should be contacting or visiting via the web to find out what you can.

When looking for a lawyer to handle your bankruptcy claim, the best way to go is off of a personal recommendation instead of simply flipping through the phone book. 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.

TIP! Ensure that you are providing genuine details when filing a bankruptcy petition, because honesty is the best policy when dealing with bankruptcy. You may be tempted to try to hide income and personal assets from discovery, but doing so often leads to major complications, monetary penalties and the possibility that your case will be thrown out of court.

Prior to filing your bankruptcy petition, go over the list of assets that cannot be seized by creditors. You can find a listing of the asset types that are excluded from bankruptcy in the Bankruptcy Code. Be sure that you study this list. Make yourself aware of any assets you have that could be seized. If you are not aware of the rules, you could be setting yourself up for a lot of stress when your most important possessions are taken in the bankruptcy.

TIP! Always remind your lawyer of specifics that are important to your case. Chances are that you may have forgotten to tell them about certain specifics that may be important to your filing.

Be brutally honest when you file for bankruptcy, as hiding assets or liabilities, will only come back to haunt you. Whoever provides your legal consultation must be privy to all of your financial information. Do not hold back anything, and form a sound plan to make peace with your reality.

TIP! Do some research to find out which assets you could lose by filing for personal bankruptcy. Bankruptcy exemptions are properties may not be seized during bankruptcy.

If you find that filing for bankruptcy is the best option for you, be sure that you fully understand the process. The more you know, the easier this complicated process will be. Don’t forget to implement the tips and tactics you have read above in order to help you when filing a bankruptcy claim.