On The Road To A Personal Bankruptcy Discharge

August 24, 2013

TIP! Never shirk on the truth in your petition for bankruptcy. You can lose the right to file bankruptcy now or in the future if you try to withhold information about your assets and income.

Personal bankruptcy–the process can be complex and confusing. There are different chapters of bankruptcy, and you may qualify for one or more. That’s why you should research personal bankruptcy prior to deciding whether or not you should file. This article is a great place to start learning this information.

TIP! If you know people who have filed for bankruptcy, ask them who they would recommend rather than relying on Internet reviews or worse, just randomly picking someone out of the phone book. 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.

When it comes to informing your attorney about your case, don’t be fearful. Don’t assume that he’ll remember something from a month ago; tell him again. It’s your financial future that is in his hands; don’t hesitate to speak up.

Unsecured Credit

TIP! Do not give up hope. Once bankruptcy has been filed, you may be able to regain possession of items such as electronic goods or cars that were taken away from you.

After filing for bankruptcy, you may have difficulty getting approved for unsecured credit. Secured cards can be a great way to get started if this happens to you. This will show people that you are serious about getting your credit record back in order. Once you’ve built up a history of on-time payments, you may start getting unsecured credit again.

TIP! Brush up on the latest bankruptcy regulations before you decide whether or not to file. These laws change regularly and you should stay up-to-date so you can make the best decisions.

You may end up losing more than you bargained for when you file a bankruptcy claim, so be sure that you know just which assets may be taken before filing. You can find a listing of the asset types that are excluded from bankruptcy in the Bankruptcy Code. You can determine exactly which of your possessions are at risk by consulting this list before you file. If you don’t read it, you could have nasty surprises pop up later due to your prized possessions being seized.

TIP! Take advantage of the opportunity to consult with a number of bankruptcy lawyers who offer the first visit at no charge. Be certain to speak with an attorney, not their paralegal or law clerk, since they cannot give legal advice.

Do not abandon hope. 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 the repossession occurred within 90 days from your filing date, it is possible that some of your property can be returned to you. Interview and research attorneys before choosing one to help you with your bankruptcy.

TIP! Don’t isolate yourself from family and friends. The process for bankruptcy can be brutal.

Obviously you see the necessity for proper planning and decision-making in before you file. Once you have determined that filing for personal bankruptcy is the right choice for a you, engage an experienced and respected lawyer. With the help of a good lawyer, you can make your way through the process easily and secure in the knowledge that you are doing it right.