A lot of people see bankruptcy in a negative way, but it is really a good solution in certain situations. Illness, extended unemployment and other financial hardships can result in a devastating financial situation. Read this article to learn more about bankruptcy and find out if filing is the best option for you.
When looking for a lawyer to handle your bankruptcy claim, the best way to go is off of a personal recommendation instead of simply flipping through the phone book. Companies are constantly popping up, claiming to help, yet only seek to profit from your misery. In ensuring that your bankruptcy is as simple as possible, trusting your attorney makes a big difference.
Prior to filing for bankruptcy, determine which assets, if any, are exempt from being seized. The Bankruptcy Code includes a list of the types of assets that are exempt from the bankruptcy process. It is vital that you completely understand which assets are protected and which assets can be seized prior to filing bankruptcy. This will ensure that you do not have any surprises once you have filed bankruptcy.
When filing for bankruptcy it is crucial that you are candid and not concealing any liabilities or assets, as it will only show up in the future. Whoever provides your legal consultation must be privy to all of your financial information. Bankruptcy can be a chance to simplify your finances, but any schemes you employ to conceal the truth can ruin that chance for you.
If you are about to file for bankruptcy, then make sure you hire a lawyer. There are many different aspects to filing bankruptcy, and you may not understand everything there is to know. An attorney will make sure that everything is being done correctly.
Before making the decision to file for bankruptcy, be sure you have considered alternative options. For example, consumer credit counseling programs can help you by renegotiating your debts with your creditors into payments that you can afford. You can also talk to creditors and ask them to lower payments, but be sure to get any debt agreements in writing.
Become knowledgeable in regards to details about chapter seven bankruptcy vs. chapter 13 bankruptcy. Research both types of bankruptcy online, and weigh the positives and negatives each would offer you. If anything you see is unclear or doesn’t make sense, go over it again with your attorney before making the final filing decision.
Once you turn over every other stone and have yielded no answers, then you might find bankruptcy necessary. Do not let this situation cause too much stress for you. Apply the advice from this article to help ease your burden when filing for bankruptcy.