Options Besides Personal Bankruptcy

Jul 3rd, 2013 | By | Category: Info

bankruptanddepressedLife after a bankruptcy may be quite challenging. If you are in financial trouble, it’s easy to feel trapped and a little scared about your future. However, there are some things that can be done to get what you want.

Use a personally recommended bankruptcy attorney instead of one found through the Internet or phone books. 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.

Do not attempt to conceal any assets when filing for bankruptcy because you may be penalized when they are discovered. When you file make sure whoever is handling the process is fully aware of each and every financial detail. Don’t withhold information, and create a smart way of coping with the reality of the situation.

If you are feeling like you are seriously going to have to file for bankruptcy then do not clear out your savings. Avoid ever touching retirement funds until you have no other choice. You may need to withdraw some funds from your savings account, but don’t take everything that is there as you will be bereft of any financial backup if you do.

Don’t give up. Certain property cannot be repossessed while you are in the process of filing for bankruptcy so be sure to learn about the laws in your state. If the property you own has been repossessed under 90 days before the bankruptcy filing, you may still be able to get it back. Speak with a lawyer that will provide you with guidance for the entire thing.

Stay up to date with any new bankruptcy filing laws. Bankruptcy laws are always changing, and you need to be aware of any changes so your bankruptcy can be properly filed. Check the website of your state’s legislation or get in contact with your local office to learn more about these important changes.

Be sure to weigh all of your options before deciding to file for personal bankruptcy. For example, if you only have a little bit of debt, you might be better off if you went through consumer credit counseling. It may also be possible to get lower payments, but if you do, be sure to obtain records for any consensual debt modifications.

It is important to remind your lawyer of any details that may be important to your case. Don’t just assume that the attorney will remember it automatically. Do not hesitate to speak up; this is your hearing and your future is on the line.

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