One of the most difficult financial decisions a person may have to make in their life is to decide to file for personal bankruptcy. With such a big decision, you should be sure to know as much about the process as possible. Use this information to help you know if it is the right course of action to take.
Many times people feel forced into filing for bankruptcy. They do not know that debt settlements are available. If your debt is much greater than your income, you could be a candidate for a debt settlement. Many times credit counselors can negotiate with banks and credit card companies to reduce the amount you owe, so that you do not have to file bankruptcy.
Most law firms who deal with filing for personal bankruptcy offer free consultations. Meet with several lawyers for a free consult before hiring any. It is important that you consider how the consultation went and how attentive the lawyer was to your needs. This is a big decision, so make sure a professional handles it!
When filing for personal bankruptcy, waiting till the last minute is not a good idea. One of the major keys of surviving bankruptcy is dealing with it early on. Waiting until it?s nearly too late leaves little time for your financial situation to be analyzed. Not to mention you will incur more financial problems, such as garnished wages.
Trying to exclude family members you owe money to before filing for personal bankruptcy can get you into serious hot water. The court will look into who you pay-off as far as a year back, and if they find you showing favor to family over other creditors, they could invalidate your filing completely.
After filing for bankruptcy, check your credit report to make sure that it was reported the way that it should have been. You want to make sure that any debts that were part of your bankruptcy are now labeled "BK? so creditors know you no longer owe that money.
Bankruptcy Lawyer
Do not try to hide assets or resources, if you are filing for bankruptcy. The advice of a bankruptcy lawyer can help you minimize your losses throughout the process and do so in a legal manner. Your creditors will be scrupulous about double-checking your filing; rest assured that any assets you try to conceal will be found out.
Do your research before choosing a bankruptcy lawyer. Take advantage of free consultations, and meet with several different lawyers before picking one to work with. Make sure that you choose an experienced attorney who is knowledgeable about the local laws, the preferences of trustees, and has a good working relationship with local judges.
Talk to other professionals before talking to a bankruptcy lawyer. Talk to financial advisers and credit counselors to see if bankruptcy is, in fact, your best option. A bankruptcy lawyer has a conflict of interest, so they are less likely to dissuade you from filing for bankruptcy. Finding an impartial, knowledgeable thirty party will give you the complete picture.
Before you meet with a bankruptcy lawyer, make a complete list of all of your assets. Any assets that are not listed in your bankruptcy case can be seized to pay for your debts. Your lawyer needs to see a list of every asset you own to properly advise you on which type of bankruptcy is best for your unique situation, as well as, to protect as many of your assets, as possible.
Now that you have been provided with some useful information about personal bankruptcy, carefully weigh your options. Making this decision is going to impact your life for several years. If you have considered all of the other options, carefully follow the correct steps to file for personal bankruptcy and prepare for what changes it will bring.
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