It’s normal to feel angry and frustrated when going through bankruptcy. People sometimes assume incorrectly that they are up against a wall, and there’s no way out. As you can see, filing for bankruptcy does not mean life is over.
Before filing for personal bankruptcy, make sure you are doing the right thing. Alternatives do exist, including consumer credit counseling. Before you take the drastic move of filling for bankruptcy and living with a long lasting bad credit history, make sure to consider using another way that may not be as damaging to your credit.
Always be honest with the information you give about your finances. You might feel tempted to not declare certain assets in your bankruptcy in order to protect them from forfeiture, but if you’re found out, the process could take longer, or worse, you might be banned from filing for bankruptcy completely.
Don’t be afraid to remind your lawyer about important aspects of your case. Chances are that you may have forgotten to tell them about certain specifics that may be important to your filing. All information submitted to the court with your signature needs to be double checked.
Do not give up. If you file for bankruptcy, you might be able to reclaim certain property that has been repossessed, such as your car, electronics or jewelry. There is a chance that you can get back your property if it has been less than ninety days since repossession. Consult with a lawyer who can help you along with filing the petition.
Stay abreast of new laws that may affect your bankruptcy if you decide to file. Make sure to get the most up-to-date information concerning the bankruptcy laws in your state. To know what these changes are, go to your state’s website or contact the legislative offices.
Before declaring bankruptcy, be sure you’ve weighed other options. For example, you may want to consider a credit counseling plan if you have small debts. You may also find success in negotiating lower payment arrangements yourself, but be certain to get any arrangements with creditors in writing.
Most bankruptcy lawyers give free consultation, so try to meet with these types of lawyers before deciding on hiring one. Always ensure that the person you meet with is a real lawyer, not a legal assistant or paralegal. These people can’t give legal advice. Interviewing multiple attorneys is a good way to find the best fit.
Now that you know a little more about bankruptcy, this process should be much easier for you. It may be hard in the beginning; however, you can get past bankruptcy. Follow the advice in this article for help in controlling your debt and deciding if bankruptcy is right for you.