Tips And Advice For Dealing With Personal Bankruptcy | Finance ...

If you are facing the repossession of valuables, such as cars or jewelry, you may be feeling some fear. Put a stop to harassment by creditors and blaze a trail to a new financial future by declaring bankruptcy. Keep reading to gain useful insight about navigating the process.

If you know that you are about to file for bankruptcy, don?t exploit the information asymmetry and get huge cash advances on your credit cards. This is considered fraud, and even after bankruptcy you can be forced to pay all of that money back to the credit card company.

It is important to list all your assets and liabilities during the bankruptcy proceeding. Failure to do so will only cause you problems in the end. The person you choose to file with needs to know both the good and bad aspects of your finances. Don?t hold back information and create a strategy so you can deal with what?s really happening.

Don?t forget to enjoy your life once your finances get fixed. The filing process is extremely stressful for a lot of the people who go through it. The stress of dealing with bankruptcy could cause you to fall into a depression, unless you take steps to take care of yourself. You are getting a fresh start, and things will get better.

If you?re planning on filing bankruptcy, be sure that you don?t transfer your assets to another person within 12 months of the date you file. This is a very obvious attempt in hiding assets and could result in having your claim being rejected. Some assets cannot be taken away from you, including your home or your primary vehicle. Even so, it is never okay to try and hide assets, so delay filing if you have done that recently.

Ask those you know if they have an attorney to recommend, instead of finding one on the Internet or in the phone book. There are plenty of companies who know how to take advantage of people who seem desperate, and it?s important to be sure your bankruptcy can go smoothly; take your time and choose someone you can trust.

Always be honest with the information you give about your finances. As long as you are not hiding income or assets from the courts, you can ensure that there are no difficulties with your petition. This will save you from having your petition dismissed and your debts dropped from re-filing.

Some attorneys offer a phone service for free where creditors will be referred to when they wish to contact you regarding an account that?s delinquent. Then, a creditor can just call the number to verify that the money owed them is involved with a bankruptcy settlement. That will help you avoid them in the future.

Before filing for bankruptcy, learn your rights. Some bill collectors will tell you that your debts can?t be bankrupted. Only a few kinds of debt, like student loans or child support, are ineligible for bankruptcy. If your creditors are telling you any other kind of debts cannot be cancelled, get a written proof and send it to the general office of your state?s attorney to report this illegal behavior.

If you are feeling down, use the internet to chat with other people who have been through bankruptcy. Filing for bankruptcy can make you feel extremely alienated, even from your close friends. On the Internet, however, you can share your struggles and ask for advice from people who have already been through bankruptcy.

Rethink Getting Divorced

Rethink getting divorced if you are in a bad financial situation. Divorcing will only complicate your financial situation. You may find that both you and your spouse must file for bankruptcy following divorce. Rethink getting divorced, if possible.

Do not file for bankruptcy unless you are sure this is the only option possible. Often companies will reach a settlement that is greatly reduced. Other times, they will help you find a repayment plan that you can manage. In addition to saving money, this will allow you to raise your credit score. Prior to filing, it might be a good idea to set up a loan for debt consolidation.

Credit cards with recent activity cannot be included in a bankruptcy. It is not unheard of for individuals to pay their tax bill with their credit card and subsequently file for bankruptcy protection. These filers think they?ll never have to actually pay that money back as it is now part of the credit card debt. Remember that even if you use a credit card to pay for your taxes while you file for bankruptcy, you are still going to owe the amount due.

It is important to protect your home when filing bankruptcy. Filing for bankruptcy does not mean you have to lose your home. Check your home?s current value to see if it has gained equity and get your first and second mortgage papers together. Otherwise, try looking into house exemptions that may let you remain in the home if you meet certain financial threshold requirements.

Chapter 7

When you are looking at a Chapter 7 personal bankruptcy, you may well have debts to worry about for which you share responsibility with another person, such as a spouse, family member, or business partner. Once you file for Chapter 7 bankruptcy protection, you no longer have legal responsibility for debts that you and any co-signers originally agreed to. However, if you had a co-debtor, they will be required to pay the debt.

When bankruptcy seem inevitable it is important not to use your retirement funds or emergency savings to pay creditors. Leave your retirement accounts untouched unless there is absolutely no other alternative. Though you may have to break into your savings, keep some available for difficult times. You will be glad you did.

Bankruptcy is an option, but you should look at other options before filing. Be wary of debt consolidation services, some of these services are scams and are only after your money. Remember to use the tips from this article, and make good financial choices to avoid future debt.

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Source: http://financeadvicetoday.com/2013/01/16/tips-and-advice-for-dealing-with-personal-bankruptcy/

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