Some people think bankruptcy is an option for "losers"; those are usually the first people that think differently when bankruptcy affects them. Illness, extended unemployment and other financial hardships can result in a devastating financial situation. This article contains advice to help you if you are considering bankruptcy.
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Knowledge is power when you're considering bankrupcy; there are many websites available to help you. You can learn a lot on the U.S. Run a quick Internet search to find out all the different agencies you should be contacting or visiting via the web to find out what you can. The more you know about it, the better you are able to make the best decision for your situation and to make sure that the bankruptcy proceedings move forward with minimal setbacks.
Don't pay tax requirements with your credit cards with the thought of starting the bankruptcy process afterward, without doing your research first. The fact is that the credit card debt will be ineligible for discharge, and your tax debt may increase. One thing that you should remember is that if your tax is dischargable, your debt will also be dischargeable. Just because your credit card could be discharged in bankruptcy does not mean you should use it.
Do not be afraid to remind your attorney of important specifics of your case. Don't just assume they already know and that they have these important details committed to memory or written down. Speak up, because it is your future on the line.
If you are planning to file for bankruptcy, be sure to learn what types of assets you will be able to keep and which can be seized. To find an itemized list detailing assets exempt from bankruptcy, find the Bankruptcy Code. 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. If you fail to go over this list, you may be unpleasantly surprised sometime down the road if any of your most valued items are seized.
Filing for bankruptcy is not the best choice if your monthly income is enough to cover your bills. Filing for bankruptcy can really damage your credit in the long run, by staying on your report for up to ten years.
Protect your house. Filing for bankruptcy does not guarantee that you will lose your house. If your home value has gone down, or if there's a second mortgage, you might be able to keep it. If this is not the case, find out more about Homestead Exemptions you might qualify for if you meet certain financial requirements.
It is possible to get an auto loan or mortgage during the repayment period for Chapter 13 bankruptcy. However, the process of approval is a bit more stringent. You need to contact your trustee so you can get approved for a new loan. You will need to come up with a budget and show that this new loan payment schedule is doable. An explanation of need will also be necessary.
It is not something you want to do; however, bankruptcy is a necessity for many struggling with debt. Here you have found some great advice and help to guide you in your bankruptcy. Know that you are not the first, and surely not the last. It will be a little easier to face bankruptcy after learning from people who have experienced it.