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Advice For People Who Need To File Bankruptcy

TIP! Be sure to weigh all of your options before deciding to file for personal bankruptcy. There are numerous programs out there that may assist you with your debt, like a credit counseling program, a nonprofit group, government assistance, etc.

Are your debts out of control and you think that your only escape is bankruptcy? You aren’t alone. Lots of people all over the world have used bankruptcy as a means to get themselves out of a troubled financial situation. The article below discusses some information and tips to help you make sense of bankruptcy.

TIP! It is wise to meet with several lawyers before making a final decision, take advantage of the free consultations to find one that is a good fit for you. It is important to meet with the actual attorney, not the attorney’s assistant or paralegal; those people are not permitted to give legal advice Be sure to check out a number of lawyers so that you will find one who is just right for you.

As bankruptcy appears on the horizon, don’t take your savings or retirement accounts to try to pay off all your bills. Do not tap retirement accounts unless there is no other alternative. Though you may have to break into your savings, keep some available for difficult times. You will be glad you did.

TIP! It is important to understand clearly the benefits of a Chapter 7 or 13 bankruptcy. Take the time to find out about each one online, and look at the advantages and disadvantages of each.

Do not be afraid to remind your attorney of important specifics of your case. Do not assume that if you’ve already told him or her something important once, that they will remember it later without a reminder. Remember that you’re the boss. You’re paying your lawyer, so you should not be afraid to have your say. After all, the quality of your life hangs in the balance.

TIP! Thing about filing a Chapter 13 bankruptcy. With a consistent income source and less than $250k in debt, try filing for Chapter 13.

Avoid paying for a consultation with the bankruptcy attorney, but do ask many questions. Seek free consultations from a handful of lawyers, before deciding which one to hire. Choose to file only if your lawyer has convinced you that this is the best decision. You don’t need to decide what to do right away. This offers you the opportunity to speak with other attorneys.

60 Month Period

TIP! Talk to an attorney about reducing your car payments so that you can keep your vehicle. In many cases, you can reduce your payment by filing a Chapter 7 petition.

Before filing for bankruptcy, determine whether Chapter 13 or Chapter 7 is appropriate for your financial situation. If you file for Chapter 7 bankruptcy, all of your debts will be eliminated. Any debts that you owe to creditors will be wiped clean. With a chapter 13 bankruptcy, a 60 month period of time will be established in which you will repay the as much of your debt as possible. Following the 60 month period of time, the remainder of your debt will be excused. It’s crucial that you know the differences between all of the various kinds of bankruptcies so that you may choose the best option for your situation.

TIP! Your trustee may be able to help you secure an auto loan or get a mortgage even though you have filed Chapter 13. However, it will be a longer and more arduous task.

Before filing a bankruptcy claim, make sure that your home is well protected. Bankruptcy filings do not necessarily mean that you have to lose your house. 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. You may also want to check out the homestead exemption because it may allow you to keep your home.

TIP! Do not think of filing for personal bankruptcy as a shameful thing. Often, with bankruptcy, come feelings of guilt, shame and worthlessness.

Ensure that you bankruptcy is your best choice. Perhaps just consolidating some of your existing debt, could make them easier to manage. Bankruptcy is not a simple, breezy course of action that should be taken lightly. It will also limit your ability to get credit for the next few years. Therefore, before you file for bankruptcy you need to consider all of your alternatives.

TIP! Bankruptcy is a difficult and stressful process, and you will need all the help you can get. You need to do your research to find a good bankruptcy lawyer.

Consider filing using chapter 13 bankruptcy. If you have less than a quarter of a million dollars in debt that is unsecured and a regular income, you are eligible to file a Chapter 13. The benefit of this plan is that you retain personal belongings and private real estate and your debts are repaid by an organized payment plan. This repayment period usually lasts from three to five years. If you make your payments faithfully during that time, any remaining unsecured debt will be eliminated. Remember that you must make every payment. Missing even one could cause the court to dismiss your case.

TIP! Create a list of all of your finances before filing for bankruptcy. If you do not do so accurately, your petition could be dismissed, or at the very least delayed.

As mentioned at the beginning of the article, you are not the only person in the world who has found themselves needing to file bankruptcy. But with the benefit of the information you have here, you have a head start on your journey. Ensure the ease of the bankruptcy process with these tips.


  • 60 month period
  • chapter 13 bankruptcy
  • chapter 7
  • financial situation
  • retirement accounts

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