It is not uncommon these days for people to be drowning in debt. Their bills pile up higher while debt collectors and creditors keep their phones ringing constantly. If you have been going through this for a while, you might want to consider filing for bankruptcy. Continue reading this article so you can figure out if this is something you should do.
Once a person’s debts outstrip his or her ability to repay them, bankruptcy may be the only option left. If you are in this position, you need to be familiar with the laws in your area. Bankruptcy laws vary from state to state so it is important to do your research. Your house is safe in certain states; however, in other states, it isn’t. Before filing for personal bankruptcy, be certain that you are familiar with the laws.
You can find a wealth of information concerning personal bankruptcy by searching for websites which offer information about it. The U.S. Justice Department, the ABI (American Bankruptcy Institute), as well as the NABCA (National Assoc. Consumer Bankruptcy Attorneys) are excellent sources of information. As with everything in life, the more you know about filing a claim, the better off you’ll be. You can properly prepare when you know what you’re preparing for.
When choosing a bankruptcy lawyer, your best option is to find someone who is recommended by someone you know versus someone who you find online or in the phone book. There are plenty of companies who know how to take advantage of people who seem desperate, and it’s important to be sure your bankruptcy can go smoothly; take your time and choose someone you can trust.
Before filing for bankruptcy, hire a qualified attorney. Bankruptcy can be highly confusing and stressful, and you need an unbiased partner who can help simplify the process. A personal bankruptcy lawyer will be able to help you and ensure you are doing things the proper way.
Free Consultation
A free consultation is standard for bankruptcy attorneys, so shop around before settling 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.
Learn how Chapter 7 bankruptcy and Chapter 13 bankruptcy differ from each other. Go to a reputable website and research the benefits and detriments of each type of bankruptcy. If you do not understand what you are reading, talk to your attorney before making that serious decision.
When you file for bankruptcy, you should be very aware of your rights. Many creditors or bill collectors might tell you your debts cannot be included in a bankruptcy. What you can’t file on is very small, like student loans or child support payments. If these are not the categories in which your debts fall, double check to see if the type of debt can be bankrupted. If it can, be sure to file a complaint about the debt collector with the office of the state attorney general.
Find the right time to take action. When it comes to filing for personal bankruptcy, timing is everything. Sometimes, you may need to file quickly; however, at other times, you should wait until the worst is over. A lawyer is in the best position to evaluate your case and figure out when you should file for bankruptcy.
Keep the concept of shame out of your head if you are contemplating bankruptcy. A lot of people have a negative opinion of bankruptcy, mostly because they misunderstand this procedure. These feelings can cause you to make rash decisions and cause psychological problems. Keep a positive state of mind to deal with your tough financial situation.
Never take huge cash advances directly from your credit cards before you file for bankruptcy, since you know that all debts will be erased from these cards. This could be considered as fraud, and you may even be forced in paying all of it back to credit card companies.
If you believe that bankruptcy proceedings may be the answer to your financial woes, you should make haste to learn about the process. Although it may be tough to admit you are in financial trouble, the more you wait the higher the debt becomes. When you talk to someone professional in a timely manner, you will be able to get advice on what you can do prior to it getting too complicated.
As you can see, there is a lot of help available if you are considering filing for personal bankruptcy. By embarking on the process with sufficient knowledge and with the right frame of mind, it is possible to gain a fresh financial start.
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