How You Can Find Out If Personal Bankruptcy Is The Best Option For You

Filing for bankruptcy can be a complicated process. There is more than one type of personal bankruptcy, and your personal financial situation will dictate which type you should choose. Therefore, it is essential that you learn about bankruptcy prior to petitioning the courts for bankruptcy protection. The following tips can help you get started.

Visit web sites and read information to learn as much as possible about the topic of personal bankruptcy. The United States Department of Justice and American Bankruptcy Institute are two such places to look. The more you know, the better prepared you will be to make the best decisions and ensure that your bankruptcy goes smoothly.

Don't be afraid to remind your lawyer about important aspects of your case. Don't just assume they already know and that they have these important details committed to memory or written down. It's your financial future that is in his hands; don't hesitate to speak up.

You must be entirely candid when it comes to declaring assets and obligations in your bankruptcy petition. Penalties may include fines, imprisonment or denial of the filing. Don't withhold information, and create a smart way of coping with the reality of the situation.

Do not give up. Filing a bankruptcy petition might facilitate the return of your property, including cards, electronics or other items that may have been repossessed. If your personal property was repossessed within 90 days before your bankruptcy filing, you may have a chance of getting it back. Interview and research attorneys before choosing one to help you with your bankruptcy.

If bankruptcy is an option for you, secure the services of an attorney. The topic of bankruptcy is a complicated one and it is important that you know all about it. Your lawyer will make sure that the filings are correct and help you navigate the complex process of filing for bankruptcy.

You need to educate yourself on the differences between Chapter 7 and Chapter 13. If you file for Chapter 7 bankruptcy, all of your debts will be eliminated. Any ties that you have with creditors will be dissolved. If you file using chapter 13 bankruptcy, you will go through a sixty month repayment plan prior to all your debts being completely dissolved. In order to choose the right bankruptcy option, you need to know the differences between these kinds of personal bankruptcy filings.

Take steps to ensure your home is protected. Filing for bankruptcy does not guarantee that you will lose your house. You can still keep your home, it just depends on your specific situation and the value of your home. Otherwise, look into the homestead exemption which may allow you to stay in your home if you meet financial threshold requirements.

Remember that filing for Chapter 7 personal bankruptcy will not just affect you. Think about the effect it will have on business associates, friends and family or anyone else who may be a co-signer with you. When filing Chapter 7, you are not legally responsible for the debts in your name. However, the creditors could come after your co-signer and demand full payment for the debt.

Now you know that filing for bankruptcy requires a lot of thought. If bankruptcy is sensible option for you, a good and experienced bankruptcy attorney is a must have to help you begin the process of starting your financial situation anew.

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