Mention of the word, “bankruptcy” is enough to terrify many. Growing debt, along with insufficient income to support a family, can make life seem unbearable. If you’re afraid of this scenario (or worse if you are living at), it is our sincere hope that the advice given here will be of help to you.
If you are considering filing for bankruptcy you definitely need to hire an attorney. You may not know everything you need to know in order to have a successful outcome of your case. An attorney that specializes in personal bankruptcy, can help guide you and make sure that your filing happens properly.
Realize that there is a chance your declaration of bankruptcy may be denied and be prepared for this possibility. If you are aware of possible scenarios, you will find it easier to think about what you will do if you are denied. That means finding alternate solutions in case your home is foreclosed on or your car is repossessed.
It is possible to file again if you make a mistake the first time around and your case is dismissed. Be aware of the fact that automatic stays are usually only for a month following the date on which you file. It is possible to get an extension if you can prove to the judge that there was a good reason for your mistake and your re-filing.
Don’t lie or try to cover up any facts when you file for bankruptcy. If you try to hide something, you can be in danger of having your entire case being thrown out. Always mention any income or assets relevant to proceedings. This shows the court that you are doing your best to resolve your situation, and helps them expedite your proceeding.
Be sure to pay bills on time, along with making sure to pay more than your owed minimal amount. Also, making a larger payment than the minimum allowed is a great way to go. This can help you stay above water by paying off your bills quicker. Paying the minimum and blowing the rest of your money could result in falling behind again.
Find out what you exemptions are prior to filing bankruptcy. There are several assets which are exempt from bankruptcy; therefore, consult the Bankruptcy code. It is crucial to read the list before you file for bankruptcy so you know whether your favorite items will be taken. If you aren’t aware of this, you could lose some assets that you value.
Make time to visit with family and friends during the bankruptcy process. Filing for bankruptcy, and all that comes with it, can be hard to handle at times. It is long, full of stress and leaves individuals having feelings of shame and guilt. Lots of people decide they should hide from everyone else until it is all over. But, keeping to yourself is likely to cause even greater sadness and despair. Time spent with people who care about you can give you new perspective on your financial situation.
People who say that bankruptcy is a scary experience aren’t exaggerating. The thought of filing may have scared you away in the past, but with this article in hand, you should fear no longer. Apply what you’ve learned here, and get a fresh start for you and your family