September 19, 2020 - mediadealer - Money Hacks - 767 views
The economy is terrible today. Even with a depressed economy, jobs are lost despite debts needing to be paid. And these debts get to the point where people end up filing for bankruptcy. If you would like to know how to get yourself or your friend out of filing for bankruptcy, read on for some possible answers.
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.
Don’t hesitate to give your attorney a heads-up about something she has missed. Do not assume that if you’ve already told him or her something important once, that they will remember it later without a reminder. All information submitted to the court with your signature needs to be double checked.
Familiarize yourself with the bankruptcy code before you file. Bankruptcy laws are always changing, and you need to be aware of any changes so your bankruptcy can be properly filed. Your state’s legislative offices or website will have up-to-date information about these changes.
Make sure that you understand the difference between Chapter 13 bankruptcy and Chapter 7 bankruptcy. Chapter 7 bankruptcy is intended to wipe out all outstanding debts. All of your financial ties to the people you owe money to will disappear. Chapter 13, on the other hand, involves a five year payment period before any remaining debts are cancelled. Take the time to learn more about these different options so you can make the best decision possible.
Be sure your home is well protected. Bankruptcy filings don’t necessarily have to end in the loss of your home. Depending on whether the value of your home has decreased or if you have a second mortgage on the home, you may end up keeping it. Otherwise, try looking into house exemptions that may let you remain in the home if you meet certain financial threshold requirements.
Decide right up front that you are not going to feel embarrassed or ashamed about needing to file bankruptcy. Many people get feeling of guilt when going through bankruptcy. Feeling like this will not help your situation and can actually do serious damage to your mental well-being. To best deal with filing for bankruptcy, look for the positives in the situation.
Bankruptcy is a challenging time and can create a huge amount of mental and emotional stress. By hiring a competent attorney, you can alleviate some of that stress. Don’t allow cost to determine who you hire. There is no need to use an expensive attorney. The important thing that you must do is to get a good attorney. Speak to those around you at work or social settings, who have dealt with this. Make the most of the BBB and consultations with attorneys to increase your knowledge and decision-making ability. Try to get a referral from a trusted friend or family member.
Before you make the final decision to file bankruptcy, consider the other options you have. You might want to look into the possibility of credit counseling instead. There are some good non-profit organizations that could help you. These companies work with creditors to reduce your payments and interest. Your payments are made to the organization and they repay the creditors.
If you are planning to file for bankruptcy in the immediate future, you should refrain from taking out cash advances via your credit cards. Not only is this fraud, but you could still be liable to repay the money at the end of the day.
Don’t drag your feet figuring out if bankruptcy is the right thing to do. It can be hard to ask for help but it’s not recommended for you to get further into debt. Making use of a bankruptcy pro immediately can make the difference in success and failure in bankruptcy court.
You do not lose everything that you own when you decide to declare bankruptcy. You will be able to keep your personal property. Things like jewelry, clothes, and electronics are included in this category. What you are allowed to keep depends on the laws of your state, the chapter under which you file for bankruptcy and how much money you owe to your creditors.
While the economy is beginning to gather steam, a number of people still do not have jobs or acceptable compensation. Even long-term job loss does not inevitably have to result in bankruptcy. Bankruptcy can be a difficult journey; however, the process can be made easier by learning the aforementioned information. We wish you well.
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