Navigating The World After Declaring Personal Bankruptcy

Navigating The World After Declaring Personal Bankruptcy

It can be very hard to live with a personal bankruptcy filing. If you are saddled with financialhardship, it may seem that you have few alternatives. However, there are some things that can bedone to get what you want.

It is essential that you are honest andforthright in the documentation youprovide for your bankruptcy filings. It isvital that you disclose all informationabout your assets and income so thereare no delays or penalties, such as acourt barring you from filing again laterin the future.

Don't be afraid to remind your lawyerabout important aspects of your case.Chances are that you may haveforgotten to tell them about certainspecifics that may be important to your filing. It is in your best interest to speak out. You are incontrol of the outcome of your bankruptcy.

Try to get a bankruptcy lawyer that your friends recommend, as opposed to someone that you findfrom the Internet or yellow pages. There are lawyers out there who will take advantage of yourfinancial state and not deal honestly with you. Make sure your filing process goes as well as possibleby finding a trustworthy lawyer.

Before you file for bankruptcy, find outwhich of your assets will be exempt fromseizure. Certain assets, as listed in thelocal bankruptcy regulations, are immunefrom seizure during bankruptcy. Be surethat you study this list. Make yourselfaware of any assets you have that could beseized. It is important to know what typesof possessions may be taken away beforethey actually are seized.

Don't give up. You might even be able toget back secured property that has beenrepossessed in the 90 days before filing. Ifit has been fewer than 90 days since youfiled for bankruptcy, it is possible for youto get repossessed property back. Aqualified bankruptcy attorney can walk

you through the petition process.

Consider Chapter 13 bankruptcy, if you chose to file. If you owe an amount under $250,000 and havea consistent income source, Chapter 13 may be right for you. This lets you keep any real estate andpersonal property while you repay all your debts through a consolidation program. The length of theplan is generally up to five years, and when this is over, you will be free of unsecured debt.Remember, though, that if you fail to make even one payment, the case will be thrown out and you'llbe right back where you started.

Once your initial filing is complete, it is time to take some time to relax a little. Lots of debtors arestressed out when they've come to filing time. This stress could morph into clinical depression, if youfail to adequately address the problem. Life will get better; you just need to make it through thebankruptcy process.

Even though you may have filed for bankruptcy,you hopefully realize that it does not doom yourforever. When creditors can look at your creditreport and see that you have made an effort,over time, to pay on time, getting credit willbecome easier again. Make the efforts to saveand look at the impact it has when you attemptto make a home or car purchase.