Although unhappy circumstances in your life might have led you to file for bankruptcy, your life post-bankruptcy can be much better. You are being given the opportunity to start again with a debt-free slate. Learn how to make bankruptcy work for you, instead of allowing it to devastate your life.
As bankruptcy appears on the horizon, don’t take your savings or retirement accounts to try to pay off all your bills. You should make every effort to leave your retirement accounts untouched until your retire. Though you may have to break into your savings, keep some available for difficult times. You will be glad you did.
Determine which of assets are safe from seizure and which are not before filing for personal bankruptcy. The Bankruptcy Code includes a list of the types of assets that are exempt from the bankruptcy process. You can determine exactly which of your possessions are at risk by consulting this list before you file. This will ensure that you do not have any surprises once you have filed bankruptcy.
Keep at it! Many times you can get repossess property back once bankruptcy has been filed. If it has been 90 days or less between the repossession of your property and your filing, you might be able to get your property back. Speak with your attorney about filing the correct petition to get your property back.
Don’t pay for an attorney consultation and ask him or her anything you want to know. You can meet with a few lawyers before deciding on one. Most lawyers provide a free initial consultation. Do not make any final decisions until every question you have has been answered. It is not necessary to decide immediately after your consultation. So you have sufficient time to speak with a number of lawyers.
Stay abreast of new laws that may affect your bankruptcy if you decide to file. These laws change regularly and you should stay up-to-date so you can make the best decisions. To learn about the changes, you should check out the website of your state’s legislation or you can call their office.
Chapter 13
You need to educate yourself on the differences between Chapter 7 and Chapter 13. Chapter 7 is the best option to erase your debts for good. All of your financial ties to the people you owe money to will disappear. If you file for Chapter 13 bankruptcy, however, you will enter into a 60 month repayment plan before your debts are completely dissolved. It’s important to know what differences come with every type of bankruptcy. This will let you find out what’s best for you.
Many bankruptcy attorneys offer the first consultation with no charge, so consult with several before deciding on one. Be certain to speak with an attorney, not their paralegal or law clerk, since they cannot 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.
Make sure you know how to differentiate between Chapter 13 and Chapter 7. Research them online to see the positive and negative aspects of each one. If you’re really not sure how this all works after your research, meet with your lawyer and ask them prior to making a decision.
Remember to have fun with your life when you’re done with the filing process initially. After filing, many people find themselves stressing over their situation and how to fix it. Depression can ensue from the stress if action isn’t taken. Life will get better after you finally get this situation over with.
Chapter 7
If you have a co-debtor, consider the ramifications that filing a Chapter 7 bankruptcy will have. You can relieve yourself of any liability for debts that you may share with someone else through a Chapter 7 filing. Sadly, this will not be the case for your co debtor. Your creditors may simply turn their attention to your hapless acquaintance.
It does not take much experience with bankruptcy to understand that the entire process can be extremely stressful. Look for a good attorney who can help you through the process. Do not hire based on cost. Think about quality rather than cost when hiring an attorney. When deciding on an attorney get referrals, contact your better business bureau or get a free consultation from at least three attorneys. It is even possible to watch a court hearing in order to see how well an attorney handles a case.
As you read in the beginning of this article, bankruptcy is not something anyone looks forward to. Yet after bankruptcy, you can be happy again. Actually, if you use the advice and ideas from this article, you will be able to turn bankruptcy into a turning point for your life.
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