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Get Through Your Bankruptcy With These Tips
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Individuals often seek to file for personal bankruptcy protection if their debts exceed their ability to repay them. If this is the case for you, you should begin to investigate the legislation in your state. Every state is different when it comes to dealing with bankruptcy. In some states, your home is protected, while in others it is not. Do not file before learning about the bankruptcy laws in your state.
One critical element for anyone filing a petition for bankruptcy is to be honest in everything you do. You might feel tempted to not declare certain assets in your bankruptcy in order to protect them from forfeiture, but if you're found out, the process could take longer, or worse, you might be banned from filing for bankruptcy completely.
Don't feel bad if you need to remind your attorney about any specifics of your case. Don't just assume that the attorney will remember it automatically. Speak up. This is your life, and your future depends on it.
Talk to a lot of different bankruptcy lawyers; most of them will give you a free consultation. Just be sure that the person you speak with really is the lawyer, rather than a paralegal, since they cannot legally give advice. Take some time to talk to different lawyers to find one that fits your needs, and meshes well with you short term loans for bad credit.
Find out more about Chapter 13. In most states, Chapter 13 bankruptcy law stipulates that you must have under $250,000 of unsecured debt and a steady income. Filing for this type of debt will ensure that you can hold onto your real estate and personal property, and will let you develop a consolidation plan to pay off your debts. These kinds of plans usually range across 3, 4 and 5 years. Once this is done, all your unsecured debt will get discharged. Remember, though, that if you fail to make even one payment, the case will be thrown out and you'll be right back where you started.
Do not forget to be around those you love. The process of bankruptcy can prove particularly brutal. It can take a long time, take a great emotional toll and cause people to feel embarrassed and defeated. Lots of people think they need to hide from everyone until this is all done. This is not a good idea because staying alone could cause serious problems with depression. Therefore, meet this challenge head on and surround yourself with caring family members so you can get through this difficult financial situation.
If you can afford to pay your bills, bankruptcy is not a wise option. While filing may seem simple and a way to get out of paying your debts, it does tremendous amounts of long-term harm to your credit report.
Remember that filing for Chapter 7 personal bankruptcy will not just affect you. Think about the effect it will have on business associates, friends and family or anyone else who may be a co-signer with you. Once you file for Chapter 7 bankruptcy protection, you no longer have legal responsibility for debts that you and any co-signers originally agreed to. However, if you had a co-debtor, they will be required to pay the debt.
Filing bankruptcy under Chapter 13 means you can still get a loan for a car or a mortgage. It is much harder. You need to speak with your trustee so that you can be approved for a new loan. You need to show them why and how you can handle paying back the new loan. Also, you need to be ready to say why you're going to need the item.
Bankruptcy is a step that many people have to take, and as you can see, it's not a permanent black mark. When you save your money and show lenders that you are making serious efforts to reestablish your credibility they look kindly at this. Make the efforts to save and look at the impact it has when you attempt to make a home or car purchase.
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