It is essential when going through bankruptcy that all of your income and assets are reported openly and honestly. Withholding or lying about certain information can seriously worsen your financial situation. It could lead to being unable to file for bankruptcy or even legal trouble.
Look for a bankruptcy lawyer that comes from a personal recommendation instead of someone random on the Internet or in the yellow pages. You want your bankruptcy to go smoothly, and the Internet is rife with fly-by-night companies whose only goal is to prey upon the financially desperate.
Keep at it! Filing for bankruptcy may allow you to get back property, such as an auto, jewelry, or electronics, that you may have had repossessed. You may be able to get your property back if fewer than 90 days have passed between the repossession and are filing for bankruptcy. Get the advice of a qualified attorney who can advise you about ways to accomplish this.
Hire a lawyer if you plan on filing for bankruptcy. It is unlikely that you will be able to comprehend all the various rules and regulations involved in bankruptcy law. A bankruptcy attorney can help yo,u and make certain you can do things the right way.
Before declaring bankruptcy, ensure that all other options have been considered. Those with smaller debts may find use in a program for consumer credit counseling. It may also be possible to get lower payments, but if you do, be sure to obtain records for any consensual debt modifications.
Know the differences between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 involves the elimination of all of your debt. All of your financial ties to the people you owe money to will disappear. If you choose to file for Chapter 12 bankruptcy, you’ll be put into a 60-month plan for repaying your debts before they’re eliminated. It is important that you understand the differences between the different types of bankruptcy, so that you can decide which option is best for you.