Archive for the ‘ Bankruptcy Facts ’ Category

Making An Informed Decision When Thinking About Bankruptcy

June 27, 2013

TIP! When you feel certain that you must file for personal bankruptcy, refrain from squandering your life savings to pay off unsecured debt. Unless there is no other choice a retirement account should not be used.

Do not take bankruptcy lightly, this is a serious thing. Being aware of the complexity of the issues involved in bankruptcy is essential. What you’ll read in the article below can help you tremendously when filing a claim. Deciding whether or not to file for bankruptcy is a big decision. Proper and thorough research can alleviate some of that pressure.

TIP! One critical element for anyone filing a petition for bankruptcy is to be honest in everything you do. You must avoid the temptation to conceal any valuables, money or other assets from the courts.

Be sure to bring anything up repeatedly if you are unsure if your lawyer is focusing on it. Chances are that you may have forgotten to tell them about certain specifics that may be important to your filing. It is in your best interest to speak out. You are in control of the outcome of your bankruptcy.

TIP! Do not attempt to conceal any assets when filing for bankruptcy because you may be penalized when they are discovered. It is necessary to be open regarding both the positive and negative aspects of your financial life.

Before you decide to file bankruptcy proceedings, determine which assets will be safe. You can find a listing of the asset types that are excluded from bankruptcy in the Bankruptcy Code. It’s crucial to read that list before filing to see which of your prized possessions can be seized. If you fail to do so, things could get ugly.

TIP! Before you file, make sure you understand current bankruptcy laws. Bankruptcy law evolves constantly, and it’s important to stay up-to-date to ensure that you file properly.

Be persistent in researching information about filing for bankruptcy and consult a qualified personal bankruptcy attorney. 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 it has been fewer than 90 days since you filed for bankruptcy, it is possible for you to get repossessed property back. Talk with an attorney who can guide you through the process of filing a petition.

TIP! Before you decide to declare bankruptcy, make sure that a less-drastic solution isn’t more appropriate. There are numerous programs out there that may assist you with your debt, like a credit counseling program, a nonprofit group, government assistance, etc.

As you can see by now, there are different ways of filing for personal bankruptcy. Do not let this information overwhelm you! Take some deep breaths, and think about what you’ve just learned. When you think things through, you make good decisions in life.

Tips To Help You Understand How To Get Through A Personal Bankruptcy

June 26, 2013

TIP! When you feel certain that you must file for personal bankruptcy, refrain from squandering your life savings to pay off unsecured debt. No matter what you do, do not touch your personal savings unless there is no other option.

Is your debt growing and it’s looking like you may need to file for bankruptcy? You don’t have to feel alone in this. Many people have discovered that bankruptcy can help them escape their financial troubles. This article can help you make sure the process starts properly.

TIP! The best way to build your credit up after a bankruptcy is making all your payments on time. Secured cards can be a great way to get started if this happens to you.

Ask yourself if filing for bankruptcy is truly your best option. You can find services like counseling for credit that consumers can use. Bankruptcy has a negative effect on your credit reports, in that it is permanently there. Before you take this step, make sure all your options have been considered.

TIP! Don’t file for bankruptcy until you know what assets of yours can and can’t be seized. You can find a listing of the asset types that are excluded from bankruptcy in the Bankruptcy Code.

Don’t avoid telling your lawyer specific details with your case. Don’t assume that he will remember something you told him weeks ago. Your case and future are affected by the attorney’s action, so never be afraid to communicate.

TIP! There is hope! Filing a bankruptcy petition might facilitate the return of your property, including cards, electronics or other items that may have been repossessed. Filing for bankruptcy may allow you to regain ownership of recently repossessed property.

Put forth the effort to grasp the distinctions between Chapter 7 and Chapter 13 bankruptcies. Take time to research this online and see the pros and cons for filing each one. 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.

Chapter 13

TIP! Investigate other alternatives before resorting to bankruptcy. You may qualify for alternatives such as debt repayment plans or interest rate reductions.

Find out if you can use Chapter 13 bankruptcy, as it may help you better than the other laws. If your total debt is under $250,000 and you have consistent income, Chapter 13 will be available to you. This lets you keep any real estate and personal property while you repay all your debts through a consolidation program. The length of the plan is generally up to five years, and when this is over, you will be free of unsecured debt. Remember that if you fail to make any of the payments on time, the court may dismiss your case.

TIP! Before going through the Chapter 7 filing process, ensure that your co-debtors are abreast of any implications relating to this process. A Chapter 7 bankruptcy will relieve you of your legal responsibility to pay any joint debts.

Like you have heard, you are not alone in your financial problems. Others just like you are filing for bankruptcy as well. Unlike others in this situation, you now have the information you need. Use the above tips to make sure the bankruptcy process goes smoothly.

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Personal Bankruptcy And Why It Might Be The Right Choice For You

June 25, 2013

TIP! Do not even think about paying your taxes with credit and petitioning for bankruptcy right after. 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.

It is unfortunate that many people are currently facing bankruptcy. The economy can be partially to blame for the rise in bankruptcy. Before filing for personal bankruptcy, take some time to understand the entire process and applicable laws so that you can make wise decisions. The following article will provide you with this information.

TIP! Be sure to bring anything up repeatedly if you are unsure if your lawyer is focusing on it. Don’t assume that he will remember something you told him weeks ago.

When it soaks in that filing for personal bankruptcy, don’t use all of your retirement funds, or all of your savings to resolve insolvency or pay creditors. You should make every effort to leave your retirement accounts untouched until your retire. 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.

TIP! You might experience trouble with getting unsecured credit after filing for bankruptcy. If so, apply for a secured credit card.

Make sure you keep reminding your attorney about any important details in your case. Don’t assume that he will remember something you told him weeks ago. Be as open as you can be to make sure your bankruptcy goes as well as possible.

TIP! You should never pay for your first consultation with a bankruptcy attorney. Make the most of this free consultation by asking lots of questions.

Getting unsecured credit post-bankruptcy will likely be difficult. If you do, then try applying for a coupe of secured cards. This demonstrates to creditors that you are making a good faith effort to repair your credit. After using a secured card for a certain amount of time, you might be offered an unsecured card once again.

TIP! Be certain to grasp the distinction between Chapter 7 and Chapter 13 bankruptcy cases. Chapter 7, for example, will wipe away every one of your outstanding debts.

Use a personally recommended bankruptcy attorney instead of one found through the Internet or phone books. There are many companies who take advantage of financial desperation; that is why it is important that you get someone that is trustworthy.

TIP! Learn what you can about Chapter 13 bankruptcies. If you have regular income and under $250K in unsecured debt, a Chapter 13 may be right for you.

Be honest when filing for bankruptcy, because hiding liabilities or assets can only cause trouble to you. It is necessary to be open regarding both the positive and negative aspects of your financial life. Don’t withhold information, and create a smart way of coping with the reality of the situation.

TIP! Don’t forget to enjoy your life once your finances get fixed. Lots of debtors are stressed out when they’ve come to filing time.

As you are no doubt aware, bankruptcy is much talked about in today’s economy. To make sure the best decisions are being made in terms of bankruptcy, use this advice.

Information You Must Know Before Filing For Bankruptcy

June 23, 2013

TIP! Do not pay your taxes with credit cards that will be canceled when you file for bankruptcy. Credit card debt is handled charge by charge during bankruptcy, and in most states, tax debt cannot be discharged through bankruptcy.

Nowadays, many people have racked up huge amounts of debt. Debt continues to mount while collection phone calls continue to rise. If you find yourself in this type of financial trouble, you may want to think about filing for bankruptcy. Keep reading to see if this is a viable solution for you.

TIP! Instead of relying on random selections from the phone book or Internet, ask around and get personal recommendations. Companies are constantly popping up, claiming to help, yet only seek to profit from your misery.

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. Don’t allow yourself to be taken advantage of by predatory lawyers just because you are filing for bankruptcy. It is important to find someone trustworthy.

TIP! Know the differences between Chapter 7 and Chapter 13 bankruptcy. In Chapter 7 most of your outstanding accounts will essentially be erased.

If you are seriously thinking of filing bankruptcy, make sure that you contact an attorney. Personal bankruptcies are detailed and complex processes, and you may miss something that costs you money. A personal bankruptcy lawyer will be able to help you and ensure you are doing things the proper way.

Chapter 7

TIP! Talk with your lawyer about getting lower payments for any car you wish to keep. You can often lower your payment using Chapter 7 bankruptcy.

The two main kinds of bankruptcy are Chapter 7 and Chapter 13. Make sure you understand them so you know what is best for you. The Chapter 7 variety can help you eliminate your debts almost entirely. Any ties that you have with creditors will be dissolved. A Chapter 13 filing involves a repayment plan, though. Typically, you will make a partial payment against your debts over the next 60 months before the balance of the debts is lifted. In order to choose the right bankruptcy option, you need to know the differences between these kinds of personal bankruptcy filings.

TIP! Make sure you are acting at the appropriate time. Timing is everything, especially in personal bankruptcy filings.

As you can see, there is a lot of help available if you are considering filing for personal bankruptcy. By approaching bankruptcy proceedings with a clear frame of mind, you can use the process as a valuable tool to help you rid yourself of debt and get on with your life.

The Impact Of A Personal Bankruptcy On Your Credit

June 23, 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 this describes your situation, it makes sense to become familiar with relevant laws.

Anytime you are faced with the prospects of filing for bankruptcy, it is not a good situation, but there is some light at the end of the tunnel when you get through this process. The main purpose is to give yourself a fresh, new start in life. Completing the bankruptcy process properly can lead to a new financial future.

TIP! Do not use a credit card to pay income taxes and then file for bankruptcy. In some places the debt can not be discharged, and you may still need to pay the IRS afterward.

You should check with the personal bankruptcy resources available online to educate yourself thoroughly before you begin the process. The United States DOJ, along with a number of other bankruptcy institutes and attorneys specializing in bankruptcy can give you invaluable information. The more knowledge you have, the more you are able to make right decisions and find a new future.

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. You should never touch your retirement accounts, unless you have absolutely no choice.

Always be honest when filling out paperwork. Do not try to shield some assets or income from your creditors. This can get you in serious trouble and prevent your bankruptcy petition altogether.

TIP! Always be honest with the information you give about your finances. Do not hide any income or assets or go on a spending spree before filing for bankruptcy: the court will find out and will not have a positive opinion of you.

Ask those you know if they have an attorney to recommend, instead of finding one on the Internet or in the phone book. There are a number of companies who may take advantage of your situation, so always work with someone that is trustworthy.

TIP! Do not be afraid to remind your attorney of important specifics of your case. You cannot expect your lawyer to remember every important detail without some reminder from you.

Keep at it! Bankruptcy might help you get back things you thought you’d lost and had repossessed, such as electronics, vehicles and jewelry. If the repossession occurred within 90 days from your filing date, it is possible that some of your property can be returned to you. Talk to your lawyer to find out how to go about properly filing a petition.

TIP! Bankruptcy is tricky and hiring a good lawyer will be a must. The topic of bankruptcy is a complicated one and it is important that you know all about it.

Learn from the mistakes you made that sent you to bankruptcy court. Yet after bankruptcy, you can be happy again. In fact, if you apply the ideas and advice given in this article, you can truly make bankruptcy a turning point in your life towards better days.

How To File Bankruptcy The Correct Way

June 22, 2013

TIP! Consider all options before deciding to file for personal bankruptcy. Alternatives do exist, including consumer credit counseling.

Sadly, bankruptcy is an increasingly widespread phenomenon of late. Thank you, economy! Prior to taking the plunge and filing for bankruptcy, you need information to know if it is right for you, and if it is, what kind of bankruptcy to file. The following tips are going to help clarify some bankruptcy confusion for you.

TIP! Instead of getting your lawyer from the yellow pages or on the Internet, try your hardest to find one with a personal recommendation. Bankruptcy attracts a lot of fly-by-night firms that take advantage of desperate people, and a word-of-mouth recommendation makes it more likely that your bankruptcy will go smoothly.

Do not even think about paying your taxes with credit and petitioning for bankruptcy right after. In many areas of the country, this debt will not be dischargeable, and you could be left owing a significant amount to the IRS. One thing that you should remember is that if your tax is dischargable, your debt will also be dischargeable. So it does not help you to put the tax bill on your charge card if you know the debt will be discharged anyway.

TIP! Learn the differences between Chapter 7 and Chapter 13 bankruptcies. Every one of your debts will be gone if you decide to go with Chapter 7.

Before filing for personal bankruptcy, make sure you are doing the right thing. Alternatives do exist, including consumer credit counseling. Your credit score will be forever effected by bankruptcy, which is why you should do everything else in your power to resolve matters first.

TIP! Take advantage of the opportunity to consult with a number of bankruptcy lawyers who offer the first visit at no charge. Be certain that the person you meet with is really a lawyer.

Always be honest with the information you give about your finances. Lying on your filing can cause dire consequences such as: delays, penalties, being prevented from re-filing, or even jail time.

TIP! It is important to know how Chapter 7 filings differ from Chapter 13 filings. Spend time researching the advantages and disadvantages of filing for each one of these.

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. It is vital that you know the things on this list prior to filing for bankruptcy, in order to determine which of your possessions will be taken away. If you aren’t aware of this, you could lose some assets that you value.

TIP! Consider if Chapter 13 bankruptcy is an option. Chapter 13 bankruptcy is a good choice for people whose unsecured debts amount to lower than $250,000 and who receive a regular income.

As you read at the start of this article, bankruptcy has become a very common process now due to the economy. To help you make good decisions regarding bankruptcy, consult with this article and use the knowledge to your advantage.

Reasons Why Personal Bankruptcy Might Be Your Best Option

June 21, 2013

TIP! Think twice if you have struck upon the idea of paying off your taxes by credit card and subsequently filing for personal bankruptcy. Generally, this type of debt is not covered by bankruptcy filing, and you will still have a large debt owing to the IRS.

The decision to file for bankruptcy is very serious and should not be taken lightly. Keep reading the ideas in the piece that follows in order to understand what you can expect and what ought to go into making such a major decision. Take the time to do learn everything you can before filing.

Bankruptcy Laws

TIP! Do not be afraid to remind your attorney of important specifics of your case. Don’t assume that he’ll remember something from a month ago; tell him again.

Many people need to file for bankruptcy when they owe more money than they can pay off. If you have unmanageable debt, you need to familiarize yourself with regional bankruptcy laws. Bankruptcy laws vary from state to state. You may find your home is safeguarded in one state, while in another it isn’t. You should be aware of local bankruptcy laws before filing.

TIP! If you are planning to file for bankruptcy, be sure to learn what types of assets you will be able to keep and which can be seized. You can find a listing of the asset types that are excluded from bankruptcy in the Bankruptcy Code.

Be certain to gain a thorough understanding of personal bankruptcy by using online resources. The United States DOJ, along with a number of other bankruptcy institutes and attorneys specializing in bankruptcy can give you invaluable information. The more information you have, the more confident you can be about any decision you make and you will know that you are doing the best thing possible for your situation.

TIP! You should never give up. Filing a bankruptcy petition might facilitate the return of your property, including cards, electronics or other items that may have been repossessed.

Avoid paying for a consultation with the bankruptcy attorney, but do ask many questions. It is a good idea to consult several attorney before deciding on one. Only choose an attorney once all your concerns are answered to your satisfaction. You do not need to make a decision immediately after the consult. You could even go to different lawyers for advice.

TIP! Before pulling the trigger on bankruptcy, be sure that other solutions aren’t more appropriate for your case. For example, consumer credit counseling services can often help you figure out a workable repayment plan with creditors.

Before declaring bankruptcy, be sure you’ve weighed other options. For example, consumer credit counseling programs can help if your debt isn’t too large. You could even negotiate for lower payments. However, you should ensure that you always obtain a written record of all the changes to your debt that you’ve agreed to.

TIP! Make certain that you comprehend the differences between Chapters 7 and 13. Chapter 7 bankruptcy is intended to wipe out all outstanding debts.

As shown in this article, bankruptcy doesn’t happen overnight. You must do a wide variety of things correctly. Hopefully, with what you learned today, you learned what it means to file for bankruptcy and you can avoid being in this situation in the future.

Tips And Hints On Fixing Your Finances To Avoid Bankruptcy

June 20, 2013

TIP! Be sure everything is clear to you about personal bankruptcy via looking at websites on the subject. The United States Department of Justice, NACBA, and American Bankruptcy Institute websites are all great places to go for up-to-date information.

Has your financial situation made you feel bankruptcy is is your only option? Do not worry, because you are not the only one. Many people have been in the same situation as you. What you are going to read in this article, will give you suggestions that can ease the difficulties associated with bankruptcy.

Credit Card

TIP! Before filling for bankruptcy, determine which assets will be exempted from seizure. To find an itemized list detailing assets exempt from bankruptcy, find the Bankruptcy Code.

If you are considering using credit cards to pay your taxes and then file for bankruptcy, you may want to rethink that. Credit card debt is handled charge by charge during bankruptcy, and in most states, tax debt cannot be discharged through bankruptcy. The rule here is that if you can get the tax discharged then you can get the debt discharged. Therefore, you should not pull your credit card out for purchases if it is just going to be discharged during the bankruptcy.

TIP! Know the differences between Chapter 7 and Chapter 13 bankruptcy. If Chapter 7 is what you file, your debts will get eliminated entirely.

If you are feeling like you are seriously going to have to file for bankruptcy then do not clear out your savings. Retirement funds should be avoided at all costs. You may need to withdraw some funds from your savings account, but don’t take everything that is there as you will be bereft of any financial backup if you do.

TIP! If your income exceeds your obligations, you should not seek bankruptcy protection. While filing may seem simple and a way to get out of paying your debts, it does tremendous amounts of long-term harm to your credit report.

After filing for bankruptcy, you may have difficulty getting approved for unsecured credit. If this happens to you, think about applying for a couple of secured credit cards. This will show other people that you’re serious when it comes to having your credit record in order. After a certain time, you will then be able to acquire credit cards that are unsecured.

TIP! You should weigh every option before thinking about bankruptcy. Instead of rushing into bankruptcy, a good idea is too speak with an attorney who may be able to get your interest rates reduced or help get you on a debt repayment program.

Do not abandon hope. Filing for personal bankruptcy may possibly enable you to reclaim your personal property that have been repossessed, like your car, electronics and jewelry items. You should be able to get your possessions back if they have been taken away from you within 90 days before you filed for bankruptcy. Consult with a lawyer that can walk you through the filing process.

TIP! Before you make the decision to file Chapter 7 personal bankruptcy, take time to think about anyone it could affect. You will be freed of responsibility for debts that you share if you make a successful Chapter 7 filing.

As mentioned, you are not alone in needing to file for bankruptcy. Unlike others in this situation, you now have the information you need. The tips provided above should help you get through bankruptcy.

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Tips On Effectively Filing For Bankruptcy

June 18, 2013

TIP! Before filing for personal bankruptcy, make sure you are doing the right thing. Debt advisors are one of the many other avenues you can consider.

Filing for personal bankruptcy is an option that anyone with property repossessions should consider. Bankruptcy will hurt your credit, this is true. However, it may be the only viable option available to you. Continue reading for more information about how and why to file for bankruptcy.

TIP! Make sure you keep reminding your attorney about any important details in your case. Never assume that they can remember all details without reminders.

Generally bankruptcy is filed when a person is facing insurmountable debt. 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. For instance, in some states you can keep your home and car, while other states prohibit this. Become acquainted with local bankruptcy laws before filing.

TIP! Before you decide to file bankruptcy, be sure to check for any new laws that may apply to your case. These laws change regularly and you should stay up-to-date so you can make the best decisions.

Check the accuracy of all information before it is filed. Don’t assume that they’ll remember something important later without having a reminder. Speak up if something is troubling you, as this is your future we are talking about here.

TIP! While going through this process, spend more time with friends and family. Bankruptcy proceedings can be extremely harsh.

Instead of getting your lawyer from the yellow pages or on the Internet, try your hardest to find one with a personal recommendation. Bankruptcy attracts a lot of fly-by-night firms that take advantage of desperate people, and a word-of-mouth recommendation makes it more likely that your bankruptcy will go smoothly.

TIP! If you can afford to pay your bills, bankruptcy is not a wise option. The cost to your credit history far outweighs the simplicity of the easy-out bankruptcy.

Learn all the latest laws before you file bankruptcy. If you want to file for bankruptcy successfully, it’s important to review the latest applicable laws. They tend to change frequently. To know what these changes are, go to your state’s website or contact the legislative offices.

TIP! See if your attorney can help you lower your payments if you want to keep your vehicle. Chapter 7 usually can help payments be lowered.

Make sure you know how to differentiate between Chapter 13 and Chapter 7. Weigh all the information you can find on- and off-line to make an educated decision. If you don’t understand the information you researched, consult with your attorney about the details before you decide which type of bankruptcy you want to file.

TIP! If you are moving forward with a Chapter 7 bankruptcy, you need to learn how that can negatively affect anyone who shares loans with you. When you file under Chapter 7, you will no longer be legally responsible for any debts that were signed by yourself and a co-debtor.

Now you can see why bankruptcy may be a good option for you. Filing for bankruptcy should not be your first choice. Knowledge is power when it comes to bankruptcy.

Helpful Tips For Successfully Navigating Bankruptcy

June 17, 2013

TIP! Prior to filing for bankruptcy, be sure you have investigated all of your alternatives. You have other options available like consumer credit counselling services.

Being buried in debt is a terrifying experience. In a quick amount of time, you can go from being in a tiny bit of debt to a situation that suddenly spirals out of control. Once that happens, solutions may be difficult to find. Continue reading to learn great advice to help you understand what you need to know about bankruptcy and debt.

TIP! Don’t fear reminding your attorney of any specific details of your case. Just because you have told him something of importance that he will remember it.

If you are considering paying your taxes with credit cards and turning around and filing bankruptcy–they are on to you. Generally, this type of debt is not covered by bankruptcy filing, and you will still have a large debt owing to the IRS. One thing that you should remember is that if your tax is dischargable, your debt will also be dischargeable. If you live in an area where tax can be discharged through bankruptcy, financing your tax bill is pretty pointless.

TIP! You might find it difficult to obtain an unsecured credit card or line after emerging from bankruptcy. Secured cards can be a great way to get started if this happens to you.

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. Retirement accounts should never be touched if it can be helped. Although you may need to tap into your savings, you should not use up all of it right now and jeopardize the financial security of your future.

TIP! Make sure you are completely honest when filing for bankruptcy. Hiding your assets is never wise.

Always be honest with the information you give about your finances. As long as you are not hiding income or assets from the courts, you can ensure that there are no difficulties with your petition. This will save you from having your petition dismissed and your debts dropped from re-filing.

TIP! Keep at it! If you file for bankruptcy at the right time it could enable you to get your property back that you lost to repossession. 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.

It can be easy for life to feel like it is spinning out of control when you are having financial troubles. Yet, you can take better control of your future and plan out how you are going to secure your finances, for life. You can make a true difference in your day-to-day life by following the advice we have presented here.