Think Again! - HWM Personal Finance -

No one ever expects to find themselves having to file bankruptcy. Circumstances can change and there is not a better choice. Knowing the right way to cope with that is vital. The information presented here will help you when the sort of circumstances present themselves.

Be sure everything is clear to you about personal bankruptcy via looking at websites on the subject. The United States The Department of Justice is just one resource of information available to you. The more information you have, the more confident you can be about any decision you make and you will know that you are doing the best thing possible for your situation.

Don?t use credit cards to pay your taxes if you?re going to file bankruptcy. In most states, this is not dischargeable debt. Therefore, you will end up owing the IRS a lot of money. Generally speaking, debt incurred to pay taxes and the tax bills themselves are treated the same in a bankruptcy. So using your credit card to pay off your tax obligations, then filing for bankruptcy, can actually hurt you instead of help you.

TIP! One critical element for anyone filing a petition for bankruptcy is to be honest in everything you do. To avoid problems, penalties and future re-filing bans, resist the urge to hide documentation or assets.

Avoid exhausting your savings or emptying your retirement accounts to pay off creditors if you are considering filing for bankruptcy. Leave your retirement accounts untouched unless there is absolutely no other alternative. 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.

Don?t hide assets or liabilities when filing for bankruptcy. It is important that you are completely transparent, showing everything financial that needs to be known. Do not hold anything in secret and create a strategy on how you will deal with the things you are facing.

It is important to understand your rights when filing bankruptcy. You might even be able to get back secured property that has been repossessed in the 90 days before filing. Filing for bankruptcy may allow you to regain ownership of recently repossessed property. Speak to a lawyer who will be able to help you file the necessary paperwork.

Don?t avoid telling your lawyer specific details with your case. Inaccurate or incomplete information can lead to your petition being denied. This is your bankruptcy and your future, so never be nervous about speaking your mind.

TIP! After a bankruptcy, you may still see problems getting any kind of unsecured credit. If you find yourself in this situation, you may want to think about getting a secured card or two.

Before declaring bankruptcy, be sure you?ve weighed other options. There are numerous programs out there that may assist you with your debt, like a credit counseling program, a nonprofit group, government assistance, etc. Also, you could try to get your payments lowered on your own. If you decide to do this, get a copy of anything you agree to.

Since the majority of attorneys are willing to provide no-cost initial consultations, it is smart to meet with more than one before you make a selection. Ask to speak with the licensed attorney and not a representative, who can not offer legitimate legal counsel. By meeting with several attorneys through a free consultation you will be able to choose which attorney you feel more comfortable with.

Chapter 13

Instead of relying on random selections from the phone book or Internet, ask around and get personal recommendations. Don?t be taken in by some fly-by-night company that exists only to profit from the suffering of others. Check out any lawyer you are considering thoroughly before engaging him or her.

TIP! Before you file for personal bankruptcy, be sure that you are cognizant of all current laws. These kinds of laws are constantly changing and it is important that you are aware of these changes, so that you can learn how to properly file for bankruptcy.

Consider Chapter 13 bankruptcy, if you chose to file. If your total debt is under $250,000 and you have consistent income, Chapter 13 will be available to you. By filing this way, you can hold onto your home and property, while repaying debts through debt consolidation. Generally, this stays in effect for up to 5 years. Afterwards, your unsecured debts clear from your accounts. Remember that missing a payment to the plan will result in your case being dismissed.

If keeping your vehicle is of great concern, ask your lawyer if you can secure a payment modification. Lower payments can sometimes be structured into a Chapter 7 solution. There are a few requirements that you have to meet to be eligible, though. You have to have bought the car more than 2.5 years ago, your loan?s interest rate needs to be over a certain amount, and your employment history has to be good.

Chapter 7

Many bankruptcy attorneys offer the first consultation with no charge, so consult with several before deciding on one. Always ensure that the person you meet with is a real lawyer, not a legal assistant or paralegal. These people can?t give legal advice. Be sure to check out a number of lawyers so that you will find one who is just right for you.

TIP! If you are making more money than you owe, bankruptcy should not even be an option. You should know that filing for bankruptcy will ruin your credit score for at least ten years and that improving your credit score will be expensive.

Before going through the Chapter 7 filing process, ensure that your co-debtors are abreast of any implications relating to this process. When you file a Chapter 7, your debts will be dissolved. However, the creditors could come after your co-signer and demand full payment for the debt.

Don?t overly concern yourself with any negative feelings you are having. Feelings of low self-worth, shame and guilt are common for those who have come to the point where bankruptcy is their only option. Do not let these negative feelings influence your decision. Keeping a positive attitude during worrisome financial trouble is the smartest way to deal with a bankruptcy.

Bankruptcy is a difficult and stressful process, and you will need all the help you can get. If you want to protect yourself from stress, see to it that you hire a good attorney. Don?t skimp when hiring a good lawyer. The cheapest attorney may not be the best, but the most expensive may not be the best either. Ask people who have used a bankruptcy lawyer for referrals, look them up at your local Better Business Bureau, then schedule free consultations in order to interview them. When looking at bankruptcy attorneys, consider sitting in on one of their court hearings to find out how they handle the case.

Make sure you act at an appropriate time. Filing at the right time can make things go much more smoothly. There are times when you should file as soon as you can, but in some other situations it may be best to wait for the worst to be over. Speak to a bankruptcy lawyer to determine what the ideal timing is for your personal situation.

TIP! Bankruptcy laws are very exact and very important, so ensure that you?re well aware of all current laws before you file a petition. For instance, you need to know not to shift assets into someone else?s name in the year leading up to your filing.

If you find that filing for bankruptcy is the best option for you, be sure that you fully understand the process. Your process will be easier if you have the information. The above article has provided a lot of this knowledge so that you?re able to deal with your finances with less stress.

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