Some lawyers utilize free phone service that creditors get referred to when trying to contact you about a debt you owe. You just provide the number, and they call to confirm that the debt is part of your bankruptcy. By doing this, you can stop these calls from occurring again. If a mistake causes your case to be dismissed, you may re-file. Just remember that after your case’s first dismissal, the automatic stay that you get will only last 30 days in most jurisdictions. There is a chance that you could get this extended if you can show the judge a good cause of your error and why you are subsequently re-filing.
Some people don’t know that bankruptcy can actually help your credit more than making late or no payments to your creditors. Although filing for bankruptcy stays on your financial record for 10 years, you can immediately begin to improve your credit. The whole point of bankruptcy is to give you a second chance. Now you know that filing for bankruptcy is something to be considered before going through with it. Should you determine that it is a wise move considering your personal circumstances, you need to consult with a lawyer who has handled many other bankruptcy cases. Filing for bankruptcy is something many people are forced to do when there debts become too much of a burden, and they can no longer afford to pay them. If you find yourself needing to file for bankruptcy it is important to familiarize yourself with the state laws. Different states use different laws when it comes to bankruptcy. For instance, in some states you can keep your home and car, while other states prohibit this. See to it that you understand the bankruptcy laws in the area that you live prior to filing.
If you cannot qualify for a Homestead Exemption once you have filed for Chapter 7 bankruptcy, try filing for Chapter 13 as well. If you will be losing your home in the bankruptcy, talk to your lawyer about whether you should file for Chapter 13 instead of Chapter 7.
No one ever expects to find themselves having to file bankruptcy. People who declare bankruptcy usually have no other options left available. If you discover that you are faced with bankruptcy, you can help yourself with the knowledge provided below.
Do the proper research before deciding you want to file for bankruptcy. Go over your finances and figure out which debt can be discharged when filing for bankruptcy. If you have incurred certain debts within a period of 90 days after declaring bankruptcy, you may not be able to be discharged. Make certain to review your state-specific laws. Some people tend to believe that filing for bankruptcy automatically excludes them for getting credit afterwards. Although there may be some truth to this, it should still be better than your credit situation was before you filed for bankruptcy. After you file, you must make your payments like clockwork. This will help you reestablish your credit rating. Do not despair, as it’s not the end of the world. When you file for personal bankruptcy, you may even be able to retrieve personal property that has been repossessed. For example you may be able to get your car, electronics and even jewelry returned to you. If your property has been repossessed less than 90 days prior to your bankruptcy filing, there is a good chance you can get it back. Consult with a lawyer who can advise you on what you need to do to file a petition.
8 Responses to “Excellent Facts About Bankruptcy Prior To Deciding To File”
Leave a Reply
You must be logged in to post a comment.