Tag Archives: initial filing

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Tips For Chapter 13 And Chapter 7 Bankruptcy And Property

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TIP! Make sure you keep reminding your attorney about any important details in your case. Chances are that you may have forgotten to tell them about certain specifics that may be important to your filing.

The truth is that no one wants to go through bankruptcy, but it may be the only conceivable way to get out from the mounting debt. However, circumstances can change in an instant, leaving a situation where bankruptcy may be the best choice. It is crucial that you know what to do should it happen to you. If you are approaching a bankruptcy situation, reviewing the advice presented below may help you understand what happens next.

TIP! Use a personally recommended bankruptcy attorney instead of one found through the Internet or phone books. There are plenty of companies who know how to take advantage of people who seem desperate, and it’s important to be sure your bankruptcy can go smoothly; take your time and choose someone you can trust.

Before you file for bankruptcy, carefully consider if it is the right option for you. You can also avail yourself of other options, such as consumer credit counseling. Bankruptcy can leave your credit history permanently marked. Prior to doing this you need to be sure you try everything else first to get your credit history into shape and to lessen the impact.

TIP! 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. Check the bankruptcy laws in your state to find out if certain items are excluded from your bankruptcy filing.

When you feel certain that you must file for personal bankruptcy, refrain from squandering your life savings to pay off unsecured debt. You should not use your retirement savings unless the situation calls for it. You may need to withdraw some funds from your savings account, but don’t take everything that is there as you will be bereft of any financial backup if you do.

TIP! Ask for a free consultation with your bankruptcy attorney and ask questions about experience and education. When you arrive at a consultation ask plenty of questions.

When a bankruptcy is imminent, retain a lawyer immediately. You may not know everything you need to know in order to have a successful outcome of your case. A bankruptcy attorney can advise you on how proceed properly.

Chapter 7

TIP! 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.

There are two types of bankruptcy filing, Chapter 7 and Chapter 13 so make sure you know the differences. In Chapter 7 bankruptcy, your debts are all eliminated. Your responsibilities to your creditors will be satisfied. Chapter 13 bankruptcy allows for a five year repayment plan to eliminate all your debts. It is vital that you know the differences between these types of bankruptcies, in order to find the option that’s best for you.

TIP! Filing for bankruptcy should not be done on a whim. Ask a bankruptcy lawyer if a debt repayment plan or rate reduction would be of benefit.

Bankruptcy can be a good time to spend time with people you love. Going through a bankruptcy can be an excruciating experience. It is extremely stressful and long, and it can leave you feeling ashamed of yourself. Lots of people choose to disappear for a while until the entire process is over and done with. However, self imposed isolation will only make you feel even worse about the process and could even lead to depression. So, it is critical that you spend what quality hours you can with loved ones, regardless of your financial circumstances.

TIP! Filing for Chapter 13 bankruptcy will not prevent auto loans or mortgages from being obtained. But, it could be harder.

Avoid filing for bankruptcy if you make more money than your monthly bills. Although you may see bankruptcy as a free pass to eliminate your debt, if you can slowly whittle away at your debt with your income, it will be much better than killing your credit score with a bankruptcy filing.

Initial Filing

TIP! Do not omit any information about your finances, assets or debts when filling out your bankruptcy paperwork. Leaving out information either purposely or by mistake can prolong your petition, or have it dismissed completely.

Once the initial filing period is over, ensure that you are getting out and enjoying life. It can be several months between the initial filing and the final discharge of debts. If you let the stress get to you you may get depressed if you’re not doing the proper things to fight it. You are getting a fresh start, and things will get better.

TIP! Go over the debts you are currently paying off before filing for bankruptcy. The laws surrounding bankruptcy often prohibit paying back certain creditors up to ninety days prior to filing, and family members up to a year! Read the rules before making financial decisions.

Before filing for bankruptcy under Chapter 7, make sure that you consider the implications this will have on any of your co-debtor, who are usually family members, close friends or business associates. If you choose Chapter 7, you are no longer responsible for joint debts. However, anyone sharing the loan with you may be forced to pay back the entire amount for the amount in full, which spell financial disaster for them.

TIP! Make a prompt decision to accept more responsibility for your financial situation before you file. Be certain not to incur extra debt or increase the amount of debt you already have.

Before you make the final decision to file bankruptcy, consider the other options you have. Have you been through credit counseling first? You can get assistance from non-profit companies. They will liaise with those you owe money to and try to get better payment options opened to you. You’ll make your payments to the company, and the company will pay off your creditors.

TIP! If you think bankruptcy is an option, you will need to hire a bankruptcy attorney. In addition to providing you with advice, they can appear in court for you and make the whole process easier.

Be careful on how you pay your debts before you file a personal bankruptcy. The laws regarding bankruptcy most often prevent you from paying back some creditors for up to 90 days before filing, and friends and family for up to one year. Read the rules before making financial decisions.

Credit History

TIP! A great personal bankruptcy tip is to reconsider getting a divorce, if you’re finding yourself in a tough financial situation. Divorce can bring on a lot of major changes, finances being one of them, and sometimes filing for bankruptcy is the only option.

You need to start getting responsible with your money even before you file for bankruptcy. Do not take on more debt or use more of your current credit. Judges may take into account your current credit history, in addition to your past credit history, when considering your bankruptcy case. It is important to show that you are committed to acting in a responsible manner going forward.

TIP! Try re-filing for bankruptcy if an error causes you to be dismissed. Generally, you are only granted an automatic 30 day stay if your case is dismissed.

You do not need to lose all your assets just because you file for bankruptcy. You can keep your personal property. This covers items such as clothing, jewelry, electronics and household furnishings. Exactly what assets you can hang onto will depend on the applicable laws in your state, your filing status, and your personal finances.

TIP! When preparing to file for personal bankruptcy, be sure to keep a list of the questions you have for your lawyer. Remember that lawyers charge lots of money for their time.

Write down every one of your debts. This will be your basis in filing for bankruptcy, so see to it that you write down all of the debts you’re aware of. Remember to go through all of your records and try to determine the exact amount. Any inaccuracies or discrepancies can lead to a dismissal of your petition.

TIP! When talking to a bankruptcy attorney, you must tell them all of the creditors you owe large amounts of money to. You probably know that you need to disclose consumer debt and medical debt, but you might not realize this means you need to disclose any debt you owe individuals, as well, even family.

Once you determine that claiming personal bankruptcy is something that you must do, you will need all the advice that you can get. The more you know, the easier this complicated process will be. The above article has provided a lot of this knowledge so that you’re able to deal with your finances with less stress.

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Why Personal Bankruptcy Can Work For Some And Not Others

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TIP! Once a person’s debts outstrip his or her ability to repay them, bankruptcy may be the only option left. When you are faced with this issue, begin to familiarize yourself with your state’s laws.

Because of the way our economy works, driven by consumer debt, bankruptcy claims are becoming increasingly commonplace. Most people cite the economy for having to file for bankruptcy. Before deciding to seek bankruptcy, you need to know the right information and what to expect; that way, you will make better decisions. The following article will get you up to speed on all things concerning bankruptcy.

TIP! Don’t use credit cards to pay your taxes if you’re going to file bankruptcy. Most of the time, you won’t be able to discharge this debt, and you could make things worse with the IRS.

It is simple math; when you owe more than you are able to pay off, a bankruptcy is the likely solution. When you get into this situation yourself, your first step is to familiarize yourself with your local bankruptcy regulations. Most states differ in their laws governing bankruptcy. You may find your home is safeguarded in one state, while in another it isn’t. Be aware of bankruptcy laws before filing your claim.

TIP! Don’t hesitate to give your attorney a heads-up about something she has missed. Many times a lawyer may forget a key detail; therefore, it is important to remind your lawyer of any key information.

Don’t pay tax requirements with your credit cards with the thought of starting the bankruptcy process afterward, without doing your research first. Generally speaking, taxes are not a dischargeable debt. The delays caused by this sort of tactic could leave you owing the IRS a great deal in interest and penalties. The main thing to remember is that dischargeable taxes are the equivalent of dischargeable debts. If you live in an area where tax can be discharged through bankruptcy, financing your tax bill is pretty pointless.

TIP! Getting unsecured credit post-bankruptcy will likely be difficult. If you find yourself in this situation, you may want to think about getting a secured card or two.

Learn of new laws prior to deciding to file for bankruptcy. These laws change regularly and you should stay up-to-date so you can make the best decisions. To stay up-to-date on these laws, check out your state’s government website.

TIP! Don’t file for bankruptcy until you know what assets of yours can and can’t be seized. Check the bankruptcy laws in your state to find out if certain items are excluded from your bankruptcy filing.

Before making your decision to file for bankruptcy, double-check to see if other, less drastic options could make sense. There are numerous programs out there that may assist you with your debt, like a credit counseling program, a nonprofit group, government assistance, etc. Sometimes you can negotiate a reduced payment, though you must strive to get it all in writing.

Chapter 7

TIP! See if there is an alternative you can use before declaring bankruptcy. For instance, a consumer credit counseling program may be a better bet if your debts are relatively small.

Do some research to find out more about Chapter 13 and Chapter 7. Every one of your debts will be gone if you decide to go with Chapter 7. All the things that tie you to creditors will go away. If you choose to file for Chapter 12 bankruptcy, you’ll be put into a 60-month plan for repaying your debts before they’re eliminated. You have to know what differs between all of the kind of bankruptcy, so you know which is one is ideal for you.

TIP! Learn the differences between Chapter 7 and Chapter 13 bankruptcies. Chapter 7 eliminates all debts.

Prior to choosing a bankruptcy attorney, seek a free consultation with at least three attorneys. Be certain to speak with an attorney, not their paralegal or law clerk, since they cannot give legal advice. Considering several different lawyers can help find someone to trust.

TIP! Investigate your other alternatives before you decide you have to go with bankruptcy. Consolidation could be the avenue you need to get your finances back in order.

It is important to understand clearly the benefits of a Chapter 7 or 13 bankruptcy. Take the time to find out about each one online, and look at the advantages and disadvantages of each. If you do not understand what you are reading, talk to your attorney before making that serious decision.

TIP! When your income surpasses your bills, you should not be filing bankruptcy. Bankruptcy may appear like the easier way to avoid paying your old bills, but it is a huge mark on your credit score and remains there for up to 10 years.

Spend time with friends and family to keep your stress levels to a minimum through the bankruptcy filing process. Going through bankruptcy is difficult. It is extremely stressful and long, and it can leave you feeling ashamed of yourself. It can be hard to face the world while the bankruptcy process is taking place. However, you will only feel worse about what has happened, which may lead you into depression. Therefore, meet this challenge head on and surround yourself with caring family members so you can get through this difficult financial situation.

Initial Filing

TIP! If you are in the midst of a Chapter 13 bankruptcy, it is possible to apply for certain loans. However, it won’t be as easy as it may have been to get one prior to the bankruptcy.

After your initial filing, take time to enjoy yourself a bit and get your mind off of it. It can be several months between the initial filing and the final discharge of debts. That stress can lead to depression, if you don’t take the right steps in fighting it. Life will get better after you finally get this situation over with.

TIP! Don’t put off filing for bankruptcy until you are in dire straits. Although it may be tough to admit you are in financial trouble, the more you wait the higher the debt becomes.

Many people file for bankruptcy every year, mainly because the economy is bad for everyone. So, use what you learned today so that you know what decisions to make while you contemplate filing for bankruptcy.

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Advice On How To File For Bankruptcy

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TIP! When it gets time to think about bankruptcy, avoid using your retirement or savings to pay off the creditors or even make attempts to settle the debt. You should never touch your retirement accounts, unless you have absolutely no choice.

The economy is in very bad shape right now. Because more people are out of work, more people are also falling into debt. Debts usually end in bankruptcy which isn’t good. If you, a friend, or a loved one is in financial trouble, this article could help decide if bankruptcy is the right option.

TIP! Before you decide to file bankruptcy proceedings, determine which assets will be safe. The federal statutes covering bankruptcy can tell you exactly which assets are exempt from forfeiture to pay off creditors.

Do not even think about paying your taxes with credit and petitioning for bankruptcy right after. Generally, this type of debt is not covered by bankruptcy filing, and you will still have a large debt owing to the IRS. One thing that you should remember is that if your tax is dischargable, your debt will also be dischargeable. Therefore, you have no reason for use of a credit card, if the amount is to be discharged in due process of the bankruptcy.

TIP! Prior to choosing a bankruptcy attorney, seek a free consultation with at least three attorneys. Meet with the actual lawyer, not a paralegal or assistant, as they’re not allowed to give out legal advice.

Getting unsecured credit post-bankruptcy will likely be difficult. If this happens, instead you should turn your attention to secured credit cards. Using a secured card not only helps to rebuild your credit, but it also keeps you from going more in debt with credit card bills. Then, in time, it may be possible for you to obtain an unsecured credit card.

TIP! Don’t be tempted to race toward a bankruptcy without taking time to make sure it is the right thing for you to do. Some people have great luck with handling debt with debt consolidation, which means taking out only one loan to pay off many loans.

Before declaring bankruptcy, be sure you’ve weighed other options. Those with smaller debts may find use in a program for consumer credit counseling. You may have the ability to negotiate much lower payments, just be sure any debt modifications you agree to are written and that you have a copy.

Chapter 7

TIP! Find out about lowering the cost of the payment you pay monthly on your car, if you are afraid of losing it. Filing under Chapter 7 is usually a good way to lower your payments.

Be certain that you can differentiate between Chapter 7 and Chapter 13 bankruptcy. In Chapter 7 most of your outstanding accounts will essentially be erased. Your responsibilities to your creditors will be satisfied. In a Chapter 13, though, you’ll be put on a payment plan for up to 60 months before being free of your debts. It is worth while to take your time to research both types of bankruptcy to decide which option works best for you, and your financial situation.

TIP! During a Chapter 13 bankruptcy, you may still be able to get a mortgage or car loan. This is a lot harder.

Meet with a few attorneys who offer free consultations before hiring one. Be certain that the person you meet with is really a lawyer. Avoid meeting with paralegals or legal assistants because they cannot give you legal advice. Shopping around for a lawyer can help you find someone with whom you feel comfortable.

Chapter 13 Bankruptcy

TIP! Do not drag your feet when trying to figure out if bankruptcy is right for you. Your debt will only continue to mount as you waiver on the decision, difficult as it might be.

Consider filing using chapter 13 bankruptcy. If you are receiving money on a regular basis and your unsecured debt is under $250,000, you may be able to file Chapter 13 bankruptcy. That kind of bankruptcy allows you to hold on to your personal things and real estate while repaying your debts with a plan to consolidate your debt. The length of the plan is generally up to five years, and when this is over, you will be free of unsecured debt. Remember that you must make every payment. Missing even one could cause the court to dismiss your case.

TIP! Lots of individuals who previously filed bankruptcy vow to shun the use of credit cards or lines of credit in the future. In reality, though, credit cards can be a useful tool for people who are looking to rebuild their credit score after bankruptcy.

Before you file for personal bankruptcy, weigh all of your options. A lawyer that specializes in bankruptcy law can help advise you of other options, such as repayment plans and reducing interest rates to relieve some of the burden. Various loan plans out there can be a lifesaver if you’re facing a foreclosure. Your lender can help you get current on your loan by offering you one of a number of modifications, such as getting rid of late charges, lowering interest rates, or extending the length of the loan. At the end of the day, creditors want to get paid, and sometimes a debt repayment plan is preferable to dealing with a bankrupt debtor.

TIP! Organize your debts into an easy-to-read list. You need to gather every debt you know you have, because this list is the starting point for a bankruptcy filing.

Do not forget to enjoy life a little once you get through the initial filing process. It can be several months between the initial filing and the final discharge of debts. It is essential to cope with this stress well, to prevent becoming depressed. Life will get better after you finally get this situation over with.

TIP! Some attorneys have a free phone service where creditors can be referred when they try to contact you in regards to a delinquent account. Then, a creditor can just call the number to verify that the money owed them is involved with a bankruptcy settlement.

As stated from the above article, the economy right now not in the best of shape and lots of people are hurting financially. Even if you do not have a steady paycheck, you still have options to help you avoid filing bankruptcy. Hopefully, the information in this article has provided you with useful information that can help you stay out of bankruptcy. Hopefully better things await you in the near future.

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How To Successfully For For Bankruptcy

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TIP! If filing bankruptcy is in your future, don’t waste any savings you may have attempting to pay off your debts. You should always keep money saved for worse times.

It can be hard to file bankruptcy. When you are dealing with financial stress, you come to the realization there aren’t many options. However, even if you have a poor credit score, you can still live your life and get some of the things you are looking for, like a car or a home.

TIP! Don’t feel bad if you need to remind your attorney about any specifics of your case. Don’t assume that they’ll remember something important later without having a reminder.

Have a good look around the Internet to see what information is relevant to you regarding bankruptcy. The U.S. Department of Justice, American Bankruptcy Institute, along with many other websites can provide you with the information you need. The more you know about it, the better you are able to make the best decision for your situation and to make sure that the bankruptcy proceedings move forward with minimal setbacks.

TIP! Determine which assets won’t be seized before filing for bankruptcy. You can find a listing of the asset types that are excluded from bankruptcy in the Bankruptcy Code.

Rather than checking online, try to get recommendations from friends or family about a suitable bankruptcy attorney. You want your bankruptcy to go smoothly, and the Internet is rife with fly-by-night companies whose only goal is to prey upon the financially desperate.

TIP! Don’t give up. Bankruptcy might help you get back things you thought you’d lost and had repossessed, such as electronics, vehicles and jewelry.

Do some research to find out which assets you could lose by filing for personal bankruptcy. The kinds of assets which may be exempted during bankruptcy proceedings are listed in the Bankruptcy Code. Make sure that you review this list before you decide to file, to see if you can hang on to your most important possessions. If you fail to do so, things could get ugly.

TIP! If bankruptcy is an option for you, secure the services of an attorney. Personal bankruptcy is quite complex, and it is entirely possible that you will not be able to familiarize yourself with all the laws and processes.

If you’re filing for bankruptcy soon, be sure you are going to hire a lawyer. Filing for bankruptcy is complicated and there is no way you can understand all you need to know. A bankruptcy attorney can help yo,u and make certain you can do things the right way.

TIP! Learn the newest bankruptcy laws before filing. Bankruptcy law has changed substantially in recent years, and therefore you must understand how such changes may affect your situation.

Stay up to date with any new bankruptcy filing laws. These kinds of laws are constantly changing and it is important that you are aware of these changes, so that you can learn how to properly file for bankruptcy. Your state will have a website to check, or a number you can call, to learn the latest changes in the bankruptcy laws.

TIP! It’s a good idea to meet with a number of bankruptcy lawyers before settling upon one. The majority of them offer free initial consultations.

Be sure that bankruptcy really is your best option. It might be possible to consolidate some of your debt instead. Filling for bankruptcy is a lengthy, stressful process. You should be aware that there are some negative ramifications to it, like extreme damage to your credit score. Before you decide to file for bankruptcy you want to be absolutely certain that it is the only way to resolve your problems.

Initial Filing

TIP! You can take out a mortgage or car loan while filing Chapter 13 bankruptcy. There will, however, be obstacles.

After your initial filing, take time to enjoy yourself a bit and get your mind off of it. It can be several months between the initial filing and the final discharge of debts. Depression and burn-out from pent of stress will do nothing to help your situation, so it is critical to let go a little. Remember that your situation is going to improve after you file for bankruptcy.

TIP! An understanding of your rights is important before filing for bankruptcy. There are unscrupulous debt collectors who may suggest that your obligations cannot be included in a bankruptcy.

You now must realize that filing bankruptcy with not limit your life forever. When creditors can look at your credit report and see that you have made an effort, over time, to pay on time, getting credit will become easier again. You will receive more favorable treatment when you apply for a loan if you start saving now.

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