When you file for bankruptcy, it can not be described as a simple procedure. Different bankruptcy filing types are available, and the right one for you will depend on the kinds of debts you have and your overall financial picture. Know as much as you can before you file. The following article contains valuable information to help you make that decision.
If your earnings are higher than your expenses then filing for bankruptcy is a waste of time and money. Although bankruptcy may feel like a simple method of getting out of your large debt, it leaves a permanent mark on your credit history for up to 10 years.
Stay on top of what your attorney is doing during your personal bankruptcy. It is your money and you are entitled to know what your lawyer is doing with it. Even attorneys can make an error now and then. Just like everyone else, lawyers are human and make mistakes too.
Many bankruptcy attorneys offer the first consultation with no charge, so consult with several before deciding on one. Make sure you meet with a licensed attorney rather than a paralegal or assistant, because it is illegal for these people to give legal advice. By shopping lawyers, you will be more likely to find one that makes you comfortable about the process.
If you plan on filing for bankruptcy, never transfer your assets to another person within one year of filing. Blatantly attempting to hide assets can result in the dismissal of your case. Certain assets are untouchable by creditors. If you have transferred assets recently for legitimate reasons, you will have to wait the required time period before filing for bankruptcy. Attempting to hide assets from the bankruptcy court can only backfire.
Think about opening a few new credit lines for the purpose of rebuilding credit following bankruptcy. When you have bad credit this can be hard, but there are options available to you like secured credit cards. These cards often charge very high rates, but you are likely to pay a higher rate, regardless of the source of your credit. Using this secured card responsibly will help your credit score and make it more likely that you?ll be approved for other cards and loans.
Do not frivolously assume that bankruptcy is the right option for you. Analyze your debt situation, and find out which of your types of debt could be discharged under bankruptcy. Some debts like non-essential items you charged on your credit card within the past 90 days before declaring bankruptcy cannot be discharged. Remember to research the laws that apply to your state.
You should never feel shame for needing to file for bankruptcy. Often, with bankruptcy, come feelings of guilt, shame and worthlessness. But, there is nothing positive about feeling this way and it can actually affect your mental state. Keeping an optimistic view as you deal with your financial woes is the most productive way of dealing with a bankruptcy.
Avoid paying for a consultation with the bankruptcy attorney, but do ask many questions. Most attorneys offer free initial consultations, and you should take advantage of the chance to interview multiple practitioners. Make a choice only if you have received good answers to all the questions and concerns you brought to the table. You don?t have to make your decision right after this consultation. Take your time, and schedule consultations with more than one lawyer.
As you can see, filing for bankruptcy is a serious decision that must be considered carefully before you make it. If it seems to make sense in light of your financial problems, you should seek an experienced bankruptcy attorney who can guide you toward a fresh, clean start!
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