How To File Bankruptcy The Right Way | Finance News Today ...

Are you so far in debt that you may have to file for bankruptcy? If so, you have come to the right place. There are many effective ways to help yourself get back on your feet financially so you do not have to file for bankruptcy. Read through this guide and learn how you could avoid being bankrupt.

You need to look over all your bankruptcy options and choose the best one for you. There are a few different kinds of bankruptcy to consider. Be sure to do a lot of research before filing for bankruptcy. Determine which types of bankruptcy are available to you and then figure out which one best suits your needs.

Chapter 13

If you find out that you don?t qualify for the Homestead Exemption after filing Chapter 7 bankruptcy, you may be able to file Chapter 13 in addition for your mortgage. Sometimes it is better to switch the whole Chapter 7 case to the Chapter 13 case. Speak with your attorney for advice on this.

Look for a local attorney with an excellent reputation. Once you have a short list of attorneys, ask if they give free consultations. After finding out whether or not you will receive a free consultation, you can then ensure that all your financial info is correctly gathered before ultimately seeing the lawyer. Your lawyer will then educate you on how the filing process will go.

Engage in due diligence before you act. If you need to file for bankruptcy and you can?t afford an attorney, you may wish to do it yourself. Be scrupulous and thorough in your research and preparation if you decide to do so. Those that do it themselves commonly make errors, preventing them in securing a discharge. You need to make sure you?re doing everything right.

United States

Knowledge is power when you?re considering bankrupcy; there are many websites available to help you. The United States There is solid advice available from the NACBA, (Consumer Bankruptcy Attorneys? association) the ABI, (American Bankruptcy Institute) and the United States Department of Justice. The more you know, the better prepared you will be to make the best decisions and ensure that your bankruptcy goes smoothly.

Once you have filed for bankruptcy, it is important to be cautious about incurring new debt. Some lender may offer credit cards to those who have filed for bankruptcy and want a new start. Be aware that these offers have huge interest rates. You need to maintain tight control over your finances following bankruptcy; using unfavorable credit offers can land you in serious debt trouble all over again.

Prior to putting in the bankruptcy paperwork, determine what assets are protected from seizure. The Bankruptcy Code provides a list of all the different kinds of assets that you can exclude. Make sure to review the list before filing a claim so you know if your valuables will be subject to seizure. You wouldn?t want to unexpectedly lose any possessions you treasure.

It is possible to re-file for bankruptcy if your first case is dismissed due to an error. But, most of the time, you only get an automatic stay for thirty days after filing if the case was previously dismissed. It is possible to get the stay extended, if there is a good reason for the error and refiling.

Chapter 7

Don?t naturally think every single one of your debts is going to be forgiven if you take Chapter 7. Some debts require you to reaffirm them by signing a new repayment agreement, while some others are very rarely dischargeable at all. Chapter 7 does not eliminate child support payments, alimony, or court-imposed fines.

Keep yourself focused on everything your attorney does while going through personal bankruptcy. Talk on the phone or send emails on a regular basis to stay informed. Mistakes can unintentionally occur in busy law firms, which is why it is important to keep on top of things yourself, just in case. Despite popular belief, remember that lawyers are also human.

Before you decide to file for Chapter 7 bankruptcy, you should consider what your bankruptcy might have on others, as your family and friends may be affected. Speak to an attorney or read the bankruptcy laws in your state to find out if certain loans can be excluded from your filing. However, creditors will want to hold your co-signer responsible completely.

Make sure you act at an appropriate time. They say timing is everything, and this rings true when filing for bankruptcy. Sometimes, it is good to file immediately, but sometimes it is smarter to wait until you have passed through the worst of things. Consult with an attorney who specializes in bankruptcy so you know when it is a good time to file.

Don?t leave all the details in your lawyer?s hands. It?s true that your attorney knows the ins and outs of bankruptcy, but staying informed about the progress of your case is a good idea. It can be tempting to leave everything up to your lawyer, but remember?this is your financial life on the line.

Planning right can help you make the right decision. It is best to have time on your side. Just be certain that the steps you are taking are the ones that will prevent the necessity of filing for personal bankruptcy. Once you have resolved your debt problems, you will be ready to start moving forward.

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Source: http://thefinancenewstoday.com/2013/01/20/how-to-file-bankruptcy-the-right-way/

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