Sound Advice For Getting Through A Bankruptcy

July 12, 2013

TIP! Do not try to get clever by paying your taxes via credit card before you declare bankruptcy in an effort to dodge your tax burden. Most places will not consider the debt dischargeable, meaning you will have to pay the IRS a lot of money.

You might fear the IRS because they could seize assets, such as your car. Stop the calls from your creditors, and look over your finances. You may discover that you need to file for bankruptcy. Continue ahead for some excellent tips that will ease you through the bankruptcy process.

TIP! Do not hesitate to remind your lawyer of any details regarding your case. Don’t just assume that the attorney will remember it automatically.

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! Before you file for bankruptcy, find out which of your assets will be exempt from seizure. The Bankruptcy Code contains a list of various assets that are excluded from bankruptcy.

After filing for bankruptcy, you could have trouble acquiring unsecured credit. If you find yourself in this situation, you may want to think about getting a secured card or two. By doing this, you will be letting people know that you want to fix your credit score. After a certain time, you will then be able to acquire credit cards that are unsecured.

TIP! Don’t throw in the towel. You might even be able to get back secured property that has been repossessed in the 90 days before filing.

You should not have to pay for an initial legal consultation, and such meetings are great opportunities to ask lots of questions. Most attorneys offer a free consultation which you should take advantage of. Meet with a few before finalizing your plans. 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. So, this gives you plenty of time to consult with several attorneys.

TIP! Don’t ever pay a bankruptcy attorney for a consultation, and ask a lot of questions. Most lawyers offer free consultations, so consult with a few before settling on one.

Learn the newest bankruptcy laws before filing. Bankruptcy law has changed substantially in recent years, and therefore you must understand how such changes may affect your situation. To stay up-to-date on these laws, check out your state’s government website.

TIP! Take advantage of free consultations with lawyers and the ability to sift through and find the right one. Ensure that you have a meeting with a real lawyer instead of an assistant, since they can provide the best advice.

Of course you could decide to file bankruptcy, but learn of your other choices first. Be wary of debt consolidation companies who can drive you even further into debt. Keep the advice from this article in mind in order to make ideal financial decisions and stay away from debt.