And it goes without saying that whatever brought you to bankruptcy was probably an unhappy experience; nonetheless, when your bankruptcy proceedings are over, you can move on to have a happier life. Bankruptcy exists in order to provide you with a fresh start. Keep reading to see how bankruptcy can actually give you a new lease on life, rather than function as a permanent financial albatross.
Visit web sites and read information to learn as much as possible about the topic of personal bankruptcy. The United States D.O.J., the A.B.I and the N.A.C.B.A. are all useful organizations willing to provide educational material. Knowing is half the battle, after all, and these websites are the first step in learning what you need to know to make your bankruptcy smooth and stress-free.
One of the most important things to remember when filing for bankruptcy is to be honest and truthful every step of the way. Resisting the temptation to hide income or valuable assets from the bankruptcy trustee is a smart way to avoid potential complications, penalties, and the possibility of being barred from re-filing in the future.
Don’t fear reminding your attorney of any specific details of your case. Just because you have told him something of importance that he will remember it. Don’t be afraid to speak up, as it is your case and your future will be affected by its outcome.
Be around family as much as possible. Filing for bankruptcy, and all that comes with it, can be hard to handle at times. It is long, stressful and makes people feel like losers. Some folks tend to stay in the shadows until their case has concluded. However, you will only feel worse about what has happened, which may lead you into depression. It’s imperative that you spend as much time with loved ones as you can, even in the midst of your financial dilemma.
After you have filed for bankruptcy, enjoy your life. So many people become stressed when they file. It is essential to cope with this stress well, to prevent becoming depressed. You must realize that things will get better over time.
You can take out a mortgage or car loan while filing Chapter 13 bankruptcy. But, it could be harder. You must meet with a trustee to gain approval for a new loan. Document your budget to prove that you’re going to be able to make the payments. You’ll also need a valid reason for making the purchase.
Before filing for bankruptcy, learn your rights. Certain unscrupulous creditors will try to convince you that certain debts can’t be discharged in bankruptcy. There are a few debts that cannot be cleared, such as student loans and child support, but be sure to know the details when dealing with debt collectors. If the bill collector is trying to deceive you, then report that company to your local attorney general’s office.
Make sure that you act at the appropriate time. The timing of your filing could be important to its success. Sometimes you may want to wait to file and in other situations you may find it better to do it as soon as you can. Speak with a bankruptcy lawyer to see when is the best time for you to file bankruptcy.
Exercise some caution in repaying your debts when you know a bankruptcy filing in your future. Bankruptcy laws generally prohibit certain creditors from being paid back 90 days before filing and family can be around a year! Study applicable regulations prior to making any financial choices.
Do not take too long deciding that it is time to declare bankruptcy. Although it may be very difficult to admit that bankruptcy is the answer for you, it will be much harder to continue spiraling into a debt quagmire. Talk to a lawyer as soon as you can to get the advice that you need.
If you pick up a new job shortly before you file for bankruptcy, don’t slow down your filing plans! Bankruptcy might still be in your best interest. The timing of your filing is also going to be important. As long as your bankruptcy filing is posted prior to receiving income from your new job, this additional income will not be considered.
Divorce can unexpectedly leave people in financial ruins. It is not uncommon for individuals to seek a divorce only to immediately file for bankruptcy due to unforeseen financial difficulty. Reconsidering divorce is always a smart option.
As stated in the above article, anytime someone is forced into bankruptcy is never a happy situation. However, once this chapter is written it is done and you can begin to start fresh. Actually, by using the advice you’ve learned here, your story of hardship could have a happy ending after all!
