Many people look down on people who have to file for bankruptcy, and then find themselves in the same situation. Divorce, job loss and illness can all lead people to certain bankruptcy. Read this article to learn more about bankruptcy and find out if filing is the best option for you.
Unsecured Credit
You might experience trouble with getting unsecured credit after filing for bankruptcy. Look into getting a secured credit card in order to get back on your feet with building credit. By doing this, you will be letting people know that you want to fix your credit score. Then, in time, it may be possible for you to obtain an unsecured credit card.
Don?t lie or try to cover up any facts when you file for bankruptcy. Anytime you hide something from the court it can be grounds for them to dismiss the petition right away. Make sure all assets and income sources are accounted for when you file your petition. Do things on the up and up, and your outcome will likely be favorable.
No matter how messed up things are as you file for bankruptcy, it is important that you stay honest. The worst thing that you could do is to lie about your assets and debts. Not only will it affect your filing, it is illegal. You can get prison time for lying about assets or debt.
You should be able to meet with a specialized lawyer for free to ask your questions. Most attorneys offer free consultations, so meet with a number of them before you retain one. Therefore consult with different lawyers and get a feel for them, then decide which one suits your needs After your consultation, take your time to make your decision. You can take your time and check out several attorneys before making your final selection.
Familiarize yourself with the bankruptcy code before you file. Bankruptcy laws change a lot and before making the decision to file, you need to know what you are getting yourself into. A qualified bankruptcy attorney is the best source for the latest information regarding the laws in your state.
Although you can find many bankruptcy attorneys listed in your local Yellow Pages or online, it?s best if you can find one through the personal recommendation of a friend, family member or acquaintance. You want your bankruptcy to go smoothly, and the Internet is rife with fly-by-night companies whose only goal is to prey upon the financially desperate.
Hire a bankruptcy lawyer with experience in the subject. There are many lawyers out there to choose from. And make sure that you do not always go cheap, hire a quality lawyer, they may be better suited to help you.
Chapter 7
If you file for Chapter 7 bankruptcy, do not assume that your debts will just be dismissed. Secured debts might have to be reaffirmed and new agreements may have to be made. There are also some debts that can?t be discharged. You cannot get child support, court sanctioned fines and alimony payments dismissed through Chapter 7.
Do not use a credit card to manage your tax issues and then try to file bankruptcy. In many areas of the country, this debt will not be dischargeable, and you could be left owing a significant amount to the IRS. Generally speaking, debt incurred to pay taxes and the tax bills themselves are treated the same in a bankruptcy. So, there is no reason to use your credit card if it will be discharged in the bankruptcy.
If you have found yourself in a position were bankruptcy is a must, you need to take a look at how you got to that point in the first place. Getting waylaid by an unexpected loss of income or a huge expense like emergency medical treatment is unavoidable, but impulsive spending is a problem that has to be addressed. If you can?t seem to avoid spending too much on non-essential things, you should consider seeking help in order to prevent future financial difficulties from occurring.
If you have attempted every single option for dealing with your finances and you still come up dry, then you may have to file for bankruptcy. If something other than financial irresponsibility has caused your financial problems, there is no need to worry. This article will offer you some helpful information.
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Source: http://www.stockmarketfinances.com/2013/03/03/money-problems-learn-more-about-personal-bankruptcy/
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