Filing for bankruptcy is never a day in the park. A bankruptcy will stay on your record for years and can affect the types of credit you are able to get. So don’t give in to bankruptcy, use this article as your guide to figure out how.
Credit History
Before undertaking the bankruptcy process, ensure you have made the correct decision. Debt advisors are one of the many other avenues you can consider. Bankruptcy can leave your credit history permanently marked. Prior to doing this you need to be sure you try everything else first to get your credit history into shape and to lessen the impact.
It is essential that you are honest and forthright in the documentation you provide for your bankruptcy filings. You may be tempted to try to hide income and personal assets from discovery, but doing so often leads to major complications, monetary penalties and the possibility that your case will be thrown out of court.
Chapter 13 Bankruptcy
Make sure that you understand the difference between Chapter 13 bankruptcy and Chapter 7 bankruptcy. Chapter 7 eliminates all debts. This includes creditors and your relationship with them will become no longer existent. With a chapter 13 bankruptcy, a 60 month period of time will be established in which you will repay the as much of your debt as possible. Following the 60 month period of time, the remainder of your debt will be excused. It’s crucial that you know the differences between all of the various kinds of bankruptcies so that you may choose the best option for your situation.
Take advantage of the opportunity to consult with a number of bankruptcy lawyers who offer the first visit at no charge. Make sure you meet with a licensed attorney rather than a paralegal or assistant, because it is illegal for these people to give legal advice. Taking the time to compare lawyers will ensure that you get a person that you can be yourself around.
In most cases, bankruptcy isn’t really your only option. You can use what you know to find the road to return from the brink of bankruptcy. You can turn your life around and protect your financial position if you make use of wise bankruptcy advice like the suggestions presented above.
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