If you have been threatened by repossession of your possessions, it is time to think about filing for bankruptcy. If you want to put an end to the annoying calls, the threatening letters, and other intimidation tactics, filing bankruptcy may be your only out. Keep reading for useful tips to help you through the process.
Always be honest when filling out paperwork. Not only is hiding income and assets wrong, it is also a crime.
Before making the decision to file for bankruptcy, be sure to do some research and learn all you can about the subject. There are many websites available that offer this information. The United States Department of Justice, the American Bankruptcy Institute and the National Association of Consumer Bankruptcy Attorneys, all provide valuable information. The more you know, the better equipped you’ll be to make the wise decisions needed for a successful bankruptcy.
Be honest when filing for bankruptcy. Don’t hide liabilities or assets, as they’ll come back and haunt you. The lawyer representing you when you file needs to have full knowledge of your financial situation. Be completely honest in your paperwork to avoid a situation that may end in severe punishment.
Do not abandon hope. Certain property cannot be repossessed while you are in the process of filing for bankruptcy so be sure to learn about the laws in your state. If your property has been repossessed less than 90 days prior to your bankruptcy filing, there is a good chance you can get it back. Speak with a lawyer that will provide you with guidance for the entire thing.
Any bankruptcy consultation should be free of charge. The majority of lawyers offer their first consult at no cost, so ensure you meet with several to find one that you like. 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. If you’re unsure, don’t hesitate to talk to multiple bankruptcy lawyers.
If you are feeling like you are seriously going to have to file for bankruptcy then do not clear out your savings. Do not tap retirement accounts unless there is no other alternative. Your savings accounts offer valuable financial security so try to leave them intact.
Bankruptcy Laws
Before you decide to file bankruptcy, be sure to check for any new laws that may apply to your case. Bankruptcy laws constantly change and it’s crucial you know about them so you the process of filing for bankruptcy goes smoothly. Your state will have a website to check, or a number you can call, to learn the latest changes in the bankruptcy laws.
Seek a less serious option prior to filing for bankruptcy. For example, consumer credit counseling programs can help you by renegotiating your debts with your creditors into payments that you can afford. You should also try negotiating a payment plan with your creditors; make sure you get a written agreement of the new payment plans.
Always be honest when filling out paperwork. Not hiding any assets or income is essential for avoiding possible penalties and your ability to re-file at some point in the future.
It is wise to meet with several lawyers before making a final decision, take advantage of the free consultations to find one that is a good fit for you. It is important to meet with the actual attorney, not the attorney’s assistant or paralegal; those people are not permitted to give legal advice Shopping around for a lawyer can help you find someone with whom you feel comfortable.
Do not let bankruptcy consume you, make sure you make time for your friends and family. The process of bankruptcy can prove particularly brutal. It can be long and drawn out which adds lots of stress and leaves people feeling empty inside. Avoidance of friends of family during the process is not uncommon. Pulling away from people who care for you will not help the situation, and can cause your negative feelings to intensify. For this reason, if you are undergoing personal bankruptcy proceedings, you must continue to live a normal life, spending time with your friends and relations.
Although personal bankruptcy is always an option, do not pursue this before looking into other avenues. Be careful, because many services offering debt consolidation are scams, and can leave you deeper in debt than you were already. Take what you’ve just learned to heart, and make wise financial decisions going forward.
Don’t avoid telling your lawyer specific details with your case. You cannot expect your lawyer to remember every important detail without some reminder from you. It’s your financial future that is in his hands; don’t hesitate to speak up.