Posts Tagged ‘ bankruptcy petition ’

Personal Bankruptcy Advice For Those Who Need To File

July 17, 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.

If you have had any of your possessions repossessed by the IRS, personal bankruptcy may be an option for you. Of course your credit will be hurt when you file for bankruptcy, but sometimes this is your best choice. The advice below will provide you with all the information you need to understand the results of choosing to file for bankruptcy.

TIP! Before you file for bankruptcy, carefully consider if it is the right option for you. Look into credit counseling to see if it could help you work out of your debt without bankruptcy.

Try to make certain you are making the right choice prior to filing your petition. Alternatives do exist, including consumer credit counseling. Bankruptcy is a permanent part of your credit, so before you make such a big decision, you might want to explore all other choices so that your credit history is affected as minimally as possible.

TIP! One of the most important things to remember when filing for bankruptcy is to be honest and truthful every step of the way. Not hiding any assets or income is essential for avoiding possible penalties and your ability to re-file at some point in the future.

Always be honest with the information you give about your finances. 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.

TIP! Check the accuracy of all information before it is filed. Do not assume that if you’ve already told him or her something important once, that they will remember it later without a reminder.

Prior to filing your bankruptcy petition, go over the list of assets that cannot be seized by creditors. The kinds of assets which may be exempted during bankruptcy proceedings are listed in the Bankruptcy Code. Make sure that you carefully look over this list prior to filing to discover if your valuable assets will be seized. If you neglect this important step, you might be blindsided when a possession that is important to you is taken to repay creditors.

TIP! Research what assets are exempt from seizure before you decide to declare bankruptcy. The federal statutes covering bankruptcy can tell you exactly which assets are exempt from forfeiture to pay off creditors.

If you aren’t totally honest about your assets when filing a bankruptcy petition, you could get into serious trouble. When you file make sure whoever is handling the process is fully aware of each and every financial detail. Telling the truth will allow you reach a solution that is feasible, given your current situation.

TIP! If you aren’t totally honest about your assets when filing a bankruptcy petition, you could get into serious trouble. Good or bad, you must tell your bankruptcy attorney everything about your financial situation.

As you can see by now, you do have the option of filing bankruptcy. But, filing ought not to be an automatic decision, as it does have serious implications. The best way for someone to avoid financial stress and hold onto their possessions is by learning more about bankruptcy.