Stop Collection Calls By Filing For Bankruptcy

September 1, 2013

TIP! Don’t feel bad if you need to remind your attorney about any specifics of your case. You should not take for granted that your lawyer will remember every important detail that you have have told him earlier without a reminder.

Some people think bankruptcy is an option for “losers”; those are usually the first people that think differently when bankruptcy affects them. Major life changes, including divorce and job loss can quickly cause a financially stable person to become insolvent, forcing him to file for bankruptcy. If that happened to you, you can find some help from the information in this article.

TIP! Prior to filing for bankruptcy, determine which assets, if any, are exempt from being seized. The Bankruptcy Code has lists of various asset types that are exempt during the process.

It can be difficult to obtain unsecured credit once you have filed for bankruptcy. If this happens to you, think about applying for a couple of secured credit cards. This at least shows you are making an honest attempt at reestablishing your credit worthiness. After a time, you are going to be able to have unsecured credit cards too.

TIP! 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. Whomever you use to file with must know everything there is to know about your finances, both good and bad.

No good will come of trying to conceal your assets or your liabilities in the bankruptcy process; you want to be scrupulously honest when you declare bankruptcy. Whomever you use to file with must know everything there is to know about your finances, both good and bad. Keeping secrets or trying to outsmart everyone is not a wise move.

Chapter 7

TIP! Brush up on the latest bankruptcy regulations before you decide whether or not to file. Bankruptcy laws constantly change and it’s crucial you know about them so you the process of filing for bankruptcy goes smoothly.

Understand the differences between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 eliminates all debts. The ties with the creditor will be broken. On the other hand, filing for bankruptcy under Chapter 13 means you will have 60 months to pay your debts back. Both options have advantages and drawbacks, so do your research before deciding.

TIP! Safeguard your home. Filing for bankruptcy does not mean you have to lose your home.

Most bankruptcy lawyers offer a free consultation, so meet with several before you decide on one. Ask to speak with the licensed attorney and not a representative, who can not offer legitimate legal counsel. Taking the time to compare lawyers will ensure that you get a person that you can be yourself around.

TIP! Research Chapter 13 bankruptcy, and see if it might be right for you. With a regular income and unsecured debt below $250,000, Chapter 13 is probably best for you.

After considering all of your options, you may find that bankruptcy is your only choice. Because circumstance can create financial issues that result in bankruptcy, you can rest easy. Reading this article will result in you finding useful information.