Posts Tagged ‘ filing bankruptcy ’

Filing For Bankruptcy: What You Need To Know

September 2, 2013

TIP! Instead of getting your lawyer from the yellow pages or on the Internet, try your hardest to find one with a personal recommendation. There are plenty of companies who know how to take advantage of people who seem desperate, and it’s important to be sure your bankruptcy can go smoothly; take your time and choose someone you can trust.

When the IRS comes knocking at the door, it’s hard to tell what they’re going to take. Unfortunately, you may not have enough to give. This is where bankruptcy can help you out. Although filing bankruptcy can have a major effect on a person’s credit record, it may be the only viable option. The article below discusses some of the pros and cons of filing bankruptcy.

TIP! You must be entirely candid when it comes to declaring assets and obligations in your bankruptcy petition. Penalties may include fines, imprisonment or denial of the filing.

Many people find that they must file for bankruptcy protection because they have more debt than they can afford to repay. If you’re in this situation, learn about the laws where you live. Bankruptcy rules vary by jurisdiction. For example, the personal home is exempt from being touched in some states, but not in others. Be sure you educate yourself on local laws prior to filing.

Credit History

TIP! If you are seriously thinking of filing bankruptcy, make sure that you contact an attorney. It is difficult to make all of the necessary decisions yourself, and expert guidance will be helpful.

Ask yourself if filing for bankruptcy is the right thing to do. You have other options, including consumer credit counseling help. Since your credit history will forever note the bankruptcy, you want to make sure that you have tried everything else before you take an action such as this, in order to minimize the effect it will have with regard to your credit history.

TIP! Before declaring bankruptcy, be sure you’ve weighed other options. Those with smaller debts may find use in a program for consumer credit counseling.

Ensure that you are providing genuine details when filing a bankruptcy petition, because honesty is the best policy when dealing with bankruptcy. Not only is hiding income and assets wrong, it is also a crime.

TIP! Safeguard your home. Bankruptcy filings don’t necessarily have to end in the loss of your home.

If you are meeting with a lawyer to discuss bankruptcy, the initial consultation should be free so ask every question you have. Most lawyers offer free consultations, so talk to a few before making your decision. Only make a decision after you have met with several attorneys and all of your concerns and questions have been addressed. Take your time before you decide to file after you meet with your lawyer. You can take as much time as you need to meet with different lawyers.

TIP! Consider Chapter 13 bankruptcy. You are probably eligible for Chapter 13 if your income is consistent and your unsecured debt is under $250,000.

As mentioned earlier, filing a personal bankruptcy is an ever-present alternative. But, because of the effect it has on one’s credit, it shouldn’t be the first choice. Learning how to manage this situation can minimize your headaches and prevent repossession of valuable property.

Do You Need Help Filing Bankruptcy? Try These Tips

July 6, 2013

TIP! Make certain that you comprehend everything regarding personal bankruptcy by studying online. The United States DoJ along with other private and nonprofit organizations all have insightful knowledge.

Always take the bankruptcy process seriously. It is crucial you educate yourself on the entire bankruptcy filing process. Read the tips listed here for guidance. Whatever difficult choices you must make, it can be made easier with research.

TIP! Make sure you are always providing honest documentation whenever you have to file for personal bankruptcy. It is vital that you disclose all information about your assets and income so there are no delays or penalties, such as a court barring you from filing again later in the future.

You should avoid paying your taxes with credit cards and then immediately file for bankruptcy. In many parts of the country, you cannot get this debt discharged, and in the end you will be left owing the IRS a big sum of money. If the tax can be discharged, so can the debt. It is pointless to use credit cards if they can be discharged.

TIP! Before picking a bankruptcy lawyer, speak with more than one, since most offer a consultation for free. Never settle for speaking with a paralegal or an assistant.

If filing bankruptcy is in your future, don’t waste any savings you may have attempting to pay off your debts. No matter what you do, do not touch your personal savings unless there is no other option. You may have withdraw from your savings every now and then, but try to leave yourself some financial security for the future.

TIP! Learn what you can about Chapter 13 bankruptcies. You are probably eligible for Chapter 13 if your income is consistent and your unsecured debt is under $250,000.

Never lie about anything in your bankruptcy petition. Not hiding any assets or income is essential for avoiding possible penalties and your ability to re-file at some point in the future.

TIP! While going through this process, spend more time with friends and family. Bankruptcy can take a toll on you.

Determine which assets won’t be seized before filing for bankruptcy. The Bankruptcy Code provides a list of all the different kinds of assets that you can exclude. Prior to filing for bankruptcy, it is critical that you go over this list, so that you know if you can expect any of your most valuable possessions to be seized. You wouldn’t want to unexpectedly lose any possessions you treasure.

TIP! If you are worried about your car being repossessed, consult your attorney about trying to get the monthly payment lowered. Filing under Chapter 7 is usually a good way to lower your payments.

As you’ve seen from this article, there is more than one way to go about filing for personal bankruptcy. Do not let this information overwhelm you! Think about the tips included above. The more level-headed you can remain throughout this process, the better the choice will be that you make.