Important Information To Know Before Filing Bankruptcy

Posted on Jun 23, 2012 in Personal Finance | 0 comments

Don?t believe the myth that declaring bankruptcy means you lose everything you own. You will be able to keep your personal property. Some things you can keep include your clothing, furniture, jewelry and electronics. The personal items that you are allowed to keep will depend on your home state?s individual bankruptcy laws, your personal financial situation and the specific bankruptcy that you are filing for.

Before pulling the trigger on bankruptcy, be sure that other solutions aren?t more appropriate for your case. Those with smaller debts may find use in a program for consumer credit counseling. Negotiating with creditors is another option, but creditors are notorious for ?forgetting? these agreements, so get them in writing!

Do not put off filing for personal bankruptcy. Once you decide that filing for bankruptcy is the option you must choose, file immediately. You will just feel more stressed out by waiting and you could hurt your finances even more. Your whole life can be negatively effected. The sooner you file, the sooner you can begin to rebuild.

Disclosing all of your debts to your lawyer is crucial, even personal loans. This not only includes lenders, hospitals and credit card companies, but also any friends or family that you owe money to.

Filing for bankruptcy isn?t something to be ashamed of. It?s typical for people who file to feel like failures. If you have researched bankruptcy thoroughly and have decided that it is the right choice for you, take control of your situation and make the most of it.

Bankruptcy can severely affect your credit record, so be sure that it is your last resort. The majority of companies are willing to settle your debt at a reduced amount or restructure your payment plan in such a way that you can afford it. This can elevate your credit score, and in the end it will save you money. Before filing you should think about getting a loan that will consolidate all your debts.

List any debt you have. After this, you can file bankruptcy, so make sure this document is accurate. Be certain to comb through your financial records to ensure the accuracy of the dollar amounts listed. This process should not be rushed; the numbers should be exact.

Always document all the debts you want to be eliminated. Anything not specifically listed on the filing will be excluded in the final bankruptcy. You will be the only one responsible for including all of your debts. Any that are not included, cannot be discharged.

Bankruptcy is a difficult and stressful process, and you will need all the help you can get. In order to keep things together and protect yourself from excess stress, be sure to hire a competent attorney. Make your hiring decision based on several criteria, not just on price. When it comes to choosing the right attorney, consider quality before cost. Speak to those around you at work or social settings, who have dealt with this. Make the most of the BBB and consultations with attorneys to increase your knowledge and decision-making ability. Often, watching a bankruptcy proceeding can give you clues to the quality of a lawyer.

You are not alone when you are debating filing for bankruptcy. Tackling this in a logical and emotionless manner will relieve you of your debt issues while giving you a fresh start for the future.

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