How Long Does It Take To Recover

Oct 28th, 2013 | By | Category: Info
Bankruptcy is a hard decision, but sometimes a necessary one. Going into this situation is best served when you are armed with well researched ideas and insider knowledge, especially knowing what to expect. Below I have outlined some advice for navigating the treacherous world of bankruptcy.

One of the most important things to remember when filing for bankruptcy is to be honest and truthful every step of the way. Withholding or lying about certain information can (and trust me, it will) seriously worsen your financial situation. It could lead to being unable to file for bankruptcy or even legal trouble.

Do not hesitate to remind your lawyer of any details regarding your case. Don’t assume that they will recall every detail that you go over with them without a friendly reminder. This is your bankruptcy and your future, so never be nervous about speaking your mind.

Credit Card

It’s not uncommon that you find out you that you are unable to get an unsecured credit card after filing. But not to worry, just apply for a secured one. That will show lenders that you are committed to rebuilding your credit. After using a secured card for a certain amount of time, you might be offered an unsecured card once again.

When choosing a bankruptcy lawyer, your best option is to find someone who is recommended by someone you know.  The only other option is to find someone online or in the phone book. Don’t be taken in by some fly-by-night company that exists only to profit from the suffering of others, people will take advantage of you, even at your most vulnerable point. Check out any lawyer you are considering thoroughly before engaging him or her.

Find a specialized lawyer if you are thinking about filing for bankruptcy. You might not understand all of the various aspects to filing for bankruptcy. An attorney specializing in personal bankruptcies can assist and make certain things are being handled correctly.

Don’t file for bankruptcy unless it’s absolutely necessary. It might be possible to consolidate some of your debt instead. The whole process of filing for bankruptcy can be a long, and hard one. Credit will be much harder for you to come by after you file for bankruptcy. Thus, you must make certain that bankruptcy really is the only viable solution to your problems.

chapter13bankruptcyattorneyChapter 13

Find out more about Chapter 13. If you have a regular income source and you also have less than $250,000 in unsecured debt, you can file for Chapter 13 bankruptcy. That way, you can hold onto your personal assets and pay back a portion of your debts pursuant to an approved plan. The plan is usually for a term of three to five years, and a discharge will be granted at the end of that term.  The biggest risk is that you may miss a payment, if so ….  your case will not be considered by the court.

Make time to visit with family and friends during the bankruptcy process. The process for bankruptcy can be hard. It takes time and the process can be very stressful for you (and everyone around you). Many people tend to hide until their process is completed. Isolating yourself from your loved ones can lead to feelings of depression. Time spent with people who care about you can give you new perspective on your financial situation.

While the idea of bankruptcy sounds terrible, sometimes you really just can’t avoid it. Seek good help.  You will find that every journey in life goes much more smoothly if you listen to the advice of those that have been there.

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