When someone has to file for bankruptcy, it is never a good thing. Bankruptcy can be ugly, embarrassing and a tough thing to talk about. With the solid advice in the article below, you may be able to make a better choice.
Because bankruptcy is such a challenging time that a great deal of stress, both mental and emotional, may be involved. Make sure that you hire an experience lawyer to get your bankruptcy done properly. Make your hiring decision based on several criteria, not just on price. What you need is a thoroughly competent lawyer, and this does not imply that you have to pay through the nose. Speak with trusted people, check the BBB and take advantage of the free bankruptcy attorney consultations. You might even go to a bankruptcy hearing to watch how a lawyer presents his case.
Always protect your house. Filing for bankruptcy doesn?t automatically involve losing your home. You could keep your home; it depends on your home?s value or if a second mortgage is on your home. Additionally, some states have homestead exemptions that might let you keep your home, provided you meet certain requirements.
If you headed toward for bankruptcy you have little to lose, so honesty is the best policy. It?s a big mistake to lie about your financial situation or your assets. There is no legal way to get around it. If you fail to declare certain assets or debts, you may be held criminally liable for the omission if it was found to be intentional.
Credit cards with recent activity cannot be included in a bankruptcy. Many filers proceed to pay off taxes with credit, then pursue a bankruptcy. They think that they can turn a tax debt into an ordinary consumer debt, which is discharageable in bankruptcy. Unfortunately, the bankruptcy code doesn?t allow this, so that portion of the credit card debt won?t be discharged, and they?ll be forced to pay the high interest rate that entails.
If you are faced with the choice of filing for bankruptcy or using your emergency fund or retirement accounts to pay creditors, opt to file for bankruptcy. Unless there are no other options, your retirement funds should never be touched. You may need to withdraw some funds from your savings account, but don?t take everything that is there as you will be bereft of any financial backup if you do.
Once your bankruptcy is over, request a copy of your credit report from all of the credit reporting bureaus. Scrutinize the information, and make sure all debts that should be discharged are and that all of your previous credit accounts are closed. You want to start building up your credit score from an accurate base, so it?s important to address any errors you find in your reports immediately.
Know that ultimately, bankruptcy could get you a higher credit score than to keep making late payments or missing payments altogether. Bankruptcies can remain on your credit reports for 10 years, you can jump right into repairing your credit. A fresh start is a great benefit of bankruptcy.
You need to start getting responsible with your money even before you file for bankruptcy. Don?t go on a spending spree or increase your debt right before you file. When looking at your situation, a judge will take both your past and current credit history into consideration. Let them see how you are making positive changes to your personal financial management by demonstrating what you are doing right now.
Before picking a bankruptcy lawyer, speak with more than one, since most offer a consultation for free. Never settle for speaking with a paralegal or an assistant. They are not trained, nor allowed, to pass on legal advice. Look for an attorney until you find one you feel comfortable with.
You see, you don?t have to give in to bankruptcy. Take the information provided here and avoid filing if at all possible. Begin today with what you learned here and soon you will see positive changes in your financial situation, so you can avoid the harmful process of filing for bankruptcy.
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Source: http://www.optionstradinganalysis.com/2013/01/08/the-complex-world-of-personal-bankruptcy/
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