Whatever led you to declare bankruptcy is probably very sad, but that doesn’t mean that you can’t have a better life after bankruptcy. You are being given the opportunity to start again with a debt-free slate. Completing the bankruptcy process properly can lead to a new financial future.
Make sure you’ve exhausted all other options prior to declaring bankruptcy. Other available options include consumer credit counseling. Before you take the drastic move of filling for bankruptcy and living with a long lasting bad credit history, make sure to consider using another way that may not be as damaging to your credit.
Stay up to date with any new bankruptcy filing laws. This area of law is in constant flux and it is imperative that you know where the law stands at the time you file for your bankruptcy. To know what these changes are, go to your state’s website or contact the legislative offices.
Make sure your home is safe. There are many options available to help protect you from losing your home. You might be able to keep your home, contingent on certain factors, such as your home decreasing in value or having a second mortgage. It can be worthwhile to understand the homestead exemption law to see if you qualify to keep living in your home under the financial threshold requirements.
There are two different kinds of personal bankruptcy you can file for: Chapter 7 and Chapter 13. Get a good grasp of the pluses and minuses each type of filing involves by researching both of them extensively. If the information you read is unclear to you, take the time to go over the specifics with your lawyer before making a decision on which type you will want to file.
If you are worried about your car being repossessed, consult your attorney about trying to get the monthly payment lowered. Filing for Chapter 7 can help to lower your monthly payments on possessions such as your vehicle, helping to ease your financial load. You need to have bought your car 910 days before you file, have a loan with high interest and you’re also going to need a good work history.
The road to personal bankruptcy is a sad and difficult one. It doesn’t have to be that way after bankruptcy. Actually, your life can become much better by following the advice presented here and moving forward past bankruptcy.
The subject of Bankruptcy Lawyers Houston is vast and can it can feel overwhelming. There is a lot to take in, but it will be a great benefit if you spend time learning. Applying all that you learn about Bankruptcy Lawyers Houston will benefit your life in many ways.