Considering Personal Bankruptcy? Read On For Useful Information! - 0 views
started by Kerry Salinas on 26 Apr 12
started by Kerry Salinas on 26 Apr 12
Start a New Topic » « Back to the tihoqbkoqdiqyuvwlhvr group
If you make more money than what you owe, filing for bankruptcy is not a good option. Filing for bankruptcy can really damage your credit in the long run, by staying on your report for up to ten years.
Regardless of how dire your situation may be, candor is critical. It is never a good idea to lie about debt or assets. It is against the law. Lying about your debts or assets can land you in prison.
Keep at it! If you file for bankruptcy, you might be able to reclaim certain property that has been repossessed, such as your car, electronics or jewelry. If you have been subject to a repossession during the 90 days before your filing, you stand a good change of getting your property back. Consult with a lawyer who can help you along with filing the petition.
If you are thinking about paying off your tax obligations with a credit card and then filing bankruptcy, think again. In many parts of the country, you cannot get this debt discharged, and in the end you will be left owing the IRS a big sum of money. If the tax can be discharged, so can the debt. It is pointless to use credit cards if they can be discharged.
When you are in the process of filing for bankruptcy, ask your attorney if there is a verification phone service number that you can give to debt collectors. If you receive a call from a debt collector, simply provide them with this phone number and any relevant information to prove that your bankruptcy has cleared your debt. Just be sure that they are a legitimate business to safe guard your personal information. This should put an end to their calls.
Stop charging things to credit cards if you're soon going to be filing for bankruptcy. It may be tempting to rack up purchases, but it's not something courts look upon kindly. While it may difficult, it is important to bring your spending under control. It is a good way to start forging good financial habits that you can use for the future.
Don't file for bankruptcy on a whim; do your due diligence first. Go over your finances and figure out which debt can be discharged when filing for bankruptcy. Some debts for non-essential purchases such as those charged on credit card cannot be discharged when they were made 90 days or less before declaring bankruptcy. Know what the laws are in your state.
Safeguard your home. You don't have to lose your home just because you are filing for bankruptcy. You might be able to keep your home, contingent on certain factors, such as your home decreasing in value or having a second mortgage. Otherwise, there is a homestead exemption you should look into, as it might let you stay in your house.
Think carefully about your different options before filing for bankruptcy. For example, there are credit counseling services that can help you to deal with smaller amounts of debt. You might also be able to negotiate lower payments yourself, but make sure that you get written records of any debt modifications to which you agree.
You do not lose everything that you own when you decide to declare bankruptcy. Many times you will be allowed to keep your personal property. This may be things like jewelry, clothing, furniture and electronics. You will need to talk to a bankruptcy attorney to find out whether your local laws and personal situation will allow you to keep your car or home.
If you have decided that your only option is filing for personal bankruptcy, you'll want to know exactly the right steps to take to proceed . Adding to your fund of bankruptcy knowledge helps to make the whole process easier. By starting with the information we have presented here, you should be able to begin to come to grips with your personal bankruptcy situation.
credit keeper