Anger, anguish, frustration, and sadness are all emotions felt by those who experience personal bankruptcy. People who experience this process are always worrying about how to take care of their debts. This article will show you some of the best ways to cope with having to file bankruptcy.
Don’t feel bad if you need to remind your attorney about any specifics of your case. You should not take for granted that your lawyer will remember every important detail that you have have told him earlier without a reminder. Speak up. This is your life, and your future depends on it.
Be aware that getting unsecured credit is going to be tough once you’ve gone through bankruptcy. If this happens to you, think about applying for a couple of secured credit cards. This will show other people that you’re serious when it comes to having your credit record in order. Then, in time, it may be possible for you to obtain an unsecured credit card.
Be honest when filing for bankruptcy. Don’t hide liabilities or assets, as they’ll come back and haunt you. Regardless of the agency you file with, ensure that you tell them all they should know about your current financial situation, regardless of how good or bad it is. Being honest is both the right thing to do and, moreover, it is required by law.
Keep working to improve your situation. You may be able to regain property like electronics, jewelry, or a car if they’ve been repossessed by filing for bankruptcy. You should be able to get your possessions back if they have been taken away from you within 90 days before you filed for bankruptcy. Discuss your options with a good lawyer who can help you with the filing of your bankruptcy petition.
Before pulling the trigger on bankruptcy, be sure that other solutions aren’t more appropriate for your case. There are numerous programs out there that may assist you with your debt, like a credit counseling program, a nonprofit group, government assistance, etc. You may also find people will allow you to make lower payments. If that happens, get records of the debt modifications.
If you are going to be filing for bankruptcy, think about filing Chapter 13. If you currently have some income and don’t have more than $250k in debt, you can declare bankruptcy. This lets you keep any real estate and personal property while you repay all your debts through a consolidation program. Expect to make payments for up to 5 years before your unsecured debts are discharged. Consider that if you even miss one payment, your case will not be considered by the court.
If your vehicle is in question, perhaps your attorney can assist in lowering your payments. A lot of the time, your payments may be lowered due to Chapter 7 bankruptcy. Your car must have been purchased more than 910 days prior to filing, be a high interest loan, and you must have had a steady work history for this to work.
Look at bankruptcy as a chance to mature and take responsibility for your personal finances. Going through the filing process often brings out the worst in people, causing them to feel a variety of negative emotions. Do not let these negative feelings influence your decision. Having the right outlook during a tough financial upheaval is a great attitude in coping with bankruptcy.
When filing for personal bankruptcy, always supply all of your financial information. Forgetting anything can cause a delay, or even a dismissal. No sum is too small to be included; err on the side of caution and include everything. This includes any jobs you have on the side, any vehicles you have and any outstanding loans.
Now you can probably see that filing for personal bankruptcy protection does not mean your finances are doomed forever. Although it is hard at first, you will get through it. Using these tips will allow you to get through this process with ease.