The United States Department of Justice, American Bankruptcy Institute, along with many other websites can provide you with the information you need. You need to spend some time gathering valuable information so you can file your bankruptcy with confidence.
Don't feel bad if you need to remind your attorney about any specifics of your case. Don't just assume that the attorney will remember it automatically. All information submitted to the court with your signature needs to be double checked.
If you can, get a word-of-mouth referral for a lawyer. There are lots of unsavory companies and lawyers out there who prey on people who are in desperate straits. It is up to you to find someone that is trustworthy and can make the process go smoothly.
Find out what you exemptions are prior to filing bankruptcy. The kinds of assets which may be exempted during bankruptcy proceedings are listed in the Bankruptcy Code. Be sure that you study this list. Make yourself aware of any assets you have that could be seized. If you don't heed that advice, you might find yourself getting surprised when your favorite things are repossessed.
Before making your decision to file for bankruptcy, double-check to see if other, less drastic options could make sense. For example, if you only have a little bit of debt, you might be better off if you went through 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.
Do not abandon hope. When you file for personal bankruptcy, you may even be able to retrieve personal property that has been repossessed. For example you may be able to get your car, electronics and even jewelry returned to you. If it has been 90 days or less between the repossession of your property and your filing, you might be able to get your property back. Get help from your lawyer to file a petition so you can get your items back.
If your earnings are higher than your expenses then filing for bankruptcy is a waste of time and money. Bankruptcy might seem like a good way to get out of paying your bills, but it will devastate your credit for the next ten years.
Consider filing using chapter 13 bankruptcy. You are eligible to file Chapter 13 bankruptcy if your income is reliable and your unsecured debt does not exceed $250,000. 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. This repayment period usually lasts from three to five years. If you make your payments faithfully during that time, any remaining unsecured debt will be eliminated. Remember, though, that if you fail to make even one payment, the case will be thrown out and you'll be right back where you started.
Nobody enjoys filing for bankruptcy, but at times, you can't avoid it. Now that you have read through this article, you should be familiar with a lot of tips from people who were once in your shoes. By learning from others who have been there before, it will make things a lot easier on you.
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