How To File Bankruptcy The Correct Way
It's normal to feel angry and frustrated when going through bankruptcy. Unfortunately, people experiencing bankruptcy often find themselves spending a large amount of their time worrying about day-to-day issues and expenses. As you can see, filing for bankruptcy does not mean life is over.
Remember to understand the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy. If you file using Chapter 7 bankruptcy, you will get all your debts eliminated. All the things that tie you to creditors will go away. Chapter 13, on the other hand, involves a five year payment period before any remaining debts are cancelled. It is vital that you know the differences between these types of bankruptcies, in order to find the option that's best for you.
denverbankruptcylaws.net/why-we-exist Since the majority of attorneys are willing to provide no-cost initial consultations, it is smart to meet with more than one before you make a selection. 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 By meeting with several attorneys through a free consultation you will be able to choose which attorney you feel more comfortable with.
Be persistent in researching information about filing for bankruptcy and consult a qualified personal bankruptcy attorney. When you file for bankruptcy you may be allowed to recover property like your car, electronics or jewelry that might have been repossessed. You may be able to recover repossessed property if the repossession occurred fewer than 90 days ago. Speak with your attorney about filing the correct petition to get your property back.
If you make more money than what you owe, filing for bankruptcy is not a good option. Although bankruptcy might seem to be an easy way of being able to pay for your debts, you must remember that it is something that will remain roughly about 7 to 10 years in your credit report.
Don't throw in the towel. Filing a bankruptcy petition might facilitate the return of your property, including cards, electronics or other items that may have been 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. Consult with a lawyer who can advise you on what you need to do to file a petition.
Make sure that you really need to file for bankruptcy. You might be better off consolidating your debt or availing yourself of some other remedy. Bankruptcy is a long process that can be stressful. It will affect your access to credit in the future. So, consider bankruptcy only as a last resort when you have no other choice.
Learn how Chapter 7 bankruptcy and Chapter 13 bankruptcy differ from each other. Spend time researching the advantages and disadvantages of filing for each one of these. If anything you see is unclear or doesn't make sense, go over it again with your attorney before making the final filing decision.
Find out more about Chapter 13. If you have a regular source of income and less than $250,000 in unsecured debt, you can file for Chapter 13 bankruptcy. Filing a Chapter 13 will let you keep personal items and real estate while you pay down your debt in a consolidation plan. Typically, any plan you develop will last around 3-5 years. Afterwards, any remaining unsecured debts will be discharged. Bear in mind that if you miss a single payment that is due under your plan, the entire case will be dismissed by the Court.
It is possible to exhaust every possible option to improve your financial situation and still find bankruptcy the only solution. If circumstances beyond your control have brought you to this place, you do not have to be stressed out. This article shares what you need to know about fixing your financial predicament.