The economic climate in this country has led to an increase in bankruptcies. If you are in this situation and do not take take action, things will only get worse as collection agencies try getting their money. If this is happening to you, personal bankruptcy may be an option. To learn more about the process and what it means for you, check out the information provided below.
Always be honest with the information you give about your finances. Not hiding any assets or income is essential for avoiding possible penalties and your ability to re-file at some point in the future.
There is hope! If you"ve had collateral, such as a car, electronics, or jewelry repossessed for non-payment, you might be able to recover the property when you file for bankruptcy. Any property repossessed within 90 days before filing bankruptcy, may be able to be returned to you. Consult with a lawyer who can help you along with filing the petition.
If you are seriously thinking of filing bankruptcy, make sure that you contact an attorney. It is difficult to make all of the necessary decisions yourself, and expert guidance will be helpful. A specialized bankruptcy lawyer can ensure that you are handling your bankruptcy filing the right way.
Take advantage of free consultations with lawyers and the ability to sift through and find the right one. Be certain to speak with an attorney, not their paralegal or law clerk, since they cannot give legal advice. Looking for an attorney will help you find a lawyer you feel good around.
Make sure bankruptcy is truely your only option before filing. You might be able to address your debts by arranging a repayment plan or a reduction in your interest rates. Get professional advice on these matters from a bankruptcy lawyer. Loan modification can help you get out of foreclosure. Lenders can assist you in a lot of ways, by cutting interest rate charges and cutting off late fee charges. They can also lengthen the loan. Because of the fact that creditors would like to see their money they are likely to offer repayment plans versus not getting paid at all if you file for bankruptcy.
Understand the rights you have as a bankruptcy filer. Don"t take a debt collectors word for it simply because they tell you that you can"t have many or all of your debts erased by bankruptcy. There are few debts that can"t be discharged. If a collector tries to convince you that some other type of debt, such as a credit card, is non-discharagable, get the company"s information and send a report to your state attorney general"s office.
As you"ve read here, there are many places to find help if you are thinking about personal bankruptcy. You can have a brighter financial future by approaching the situation with a better understanding of the process and the right tools at your disposal.