Navigating The World After Declaring Personal Bankruptcy

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  1. 1. Navigating The World After Declaring Personal Bankruptcy It can be very hard to live with a personal bankruptcy filing. If you are saddled with financial hardship, it may seem that you have few alternatives. However, there are some things that can be done to get what you want. It is essential that you are honest and forthright in the documentation you provide for your bankruptcy filings. It is vital that you disclose all information about your assets and income so there are no delays or penalties, such as a court barring you from filing again later in the future. Don't be afraid to remind your lawyer about important aspects of your case. Chances are that you may have forgotten to tell them about certain specifics that may be important to your filing. It is in your best interest to speak out. You are in control of the outcome of your bankruptcy. Try to get a bankruptcy lawyer that your friends recommend, as opposed to someone that you find from the Internet or yellow pages. There are lawyers out there who will take advantage of your financial state and not deal honestly with you. Make sure your filing process goes as well as possible by finding a trustworthy lawyer. Before you file for bankruptcy, find out which of your assets will be exempt from seizure. Certain assets, as listed in the local bankruptcy regulations, are immune from seizure during bankruptcy. Be sure that you study this list. Make yourself aware of any assets you have that could be seized. It is important to know what types of possessions may be taken away before they actually are seized. Don't give up. You might even be able to get back secured property that has been repossessed in the 90 days before filing. If it has been fewer than 90 days since you filed for bankruptcy, it is possible for you to get repossessed property back. A qualified bankruptcy attorney can walk
  2. 2. you through the petition process. Consider Chapter 13 bankruptcy, if you chose to file. If you owe an amount under $250,000 and have a consistent income source, Chapter 13 may be right for you. This lets you keep any real estate and personal property while you repay all your debts through a consolidation program. The length of the plan 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'll be 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 are stressed out when they've come to filing time. This stress could morph into clinical depression, if you fail to adequately address the problem. Life will get better; you just need to make it through the bankruptcy process. Even though you may have filed for bankruptcy, you hopefully realize that it does not doom your forever. When creditors can look at your credit report and see that you have made an effort, over time, to pay on time, getting credit will become easier again. Make the efforts to save and look at the impact it has when you attempt to make a home or car purchase.


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