Being in debt can be extremely stressful. In a quick amount of time, you can go from being in a tiny bit of debt to a situation that suddenly spirals out of control. Once that happens, solutions may be difficult to find. The article you are about to read will give you advice on dealing with your debts through bankruptcy.
Just because you have filed for bankruptcy will not necessarily mean you are going to have to give up everything you own. You can keep your personal property. In other words, your clothes, your television, your computer, your furniture, your jewelry and other household items are safe. Depending on where you live and what you?re filing for, you might be able to keep you home and things like you car.
The two main kinds of bankruptcy are Chapter 7 and Chapter 13. Make sure you understand them so you know what is best for you. All debt will be eliminated with Chapter 7. All of your financial ties to the people you owe money to will disappear. If however you enter Chapter 13, you will go into a five year repayment program prior to your debts dissolving entirely. It?s crucial that you know the differences between all of the various kinds of bankruptcies so that you may choose the best option for your situation.
When consulting with your bankruptcy lawyer, be sure to disclose all of your significant debts. No matter where the source of the debt comes from, you need to include it in your bankruptcy, or else it is still a debt you hold, even if it was a debt to another individual.
If filing bankruptcy is in your future, don?t waste any savings you may have attempting to pay off your debts. Retirement accounts should never be touched if it can be helped. Dipping into savings may need to happen, just don?t totally wipe it out, or you might not have much financial security later.
Make sure to include all of the debts that you want eliminated on your bankruptcy filing papers. If you forget to include any of your debts in the filing, you lose the chance to discharge them. It is up to you to ensure your debts are written down so you don?t need to pay bills that might have been discharged.
Always make your loved ones a priority. Going through a bankruptcy can be an excruciating experience. It takes a long time, it can be stressful, and people feel unworthy, guilty and ashamed. Many people decide to hide away from the world until the process is over. This is not recommended because you will only feel bad and this may cause you to feel depressed. Remember that it is not your families fault for your financial hardships and use this time to pull together and be strong.
Look into filing Chapter 13 bankruptcy. If you have less than a quarter of a million dollars in debt that is unsecured and a regular income, you are eligible to file a Chapter 13. Filing for this type of debt will ensure that you can hold onto your real estate and personal property, and will let you develop a consolidation plan to pay off your debts. Such plans generally take between 3 and 5 years to complete, at which point. a discharge will be granted. However, if you were to miss a payment, the court would dismiss your case right away.
If you are planning to file for bankruptcy, be sure to learn what types of assets you will be able to keep and which can be seized. To find an itemized list detailing assets exempt from bankruptcy, find the Bankruptcy Code. Prior to filing for bankruptcy, it is critical that you go over this list, so that you know if you can expect any of your most valuable possessions to be seized. If you don?t read this list, there is a chance that you might get nasty surprises when they take your things away.
Sometimes, financial crises just take place in your life and you do not have the chance to do much about them. Hopefully, this article?s advice has shown you that there are still plenty of steps you can take to improve your situation even when bankruptcy is in the picture. Use these tips to see positive life changes.
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Source: http://personalbudgetreport.com/2012/12/27/personal-bankruptcy-tips-to-help-you-file-like-a-pro/
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