In order to file a bankruptcy claim, you will run into more than a couple of complicated hurdles to jump. There are multiple ways you can file for bankruptcy, and the one that best fits you will depend on your financial situation and what you owe. Prior to filing, there is a lot you need to know. The advice in this article can be a good starting point for you.
If you are going to declare bankruptcy, hire a lawyer first. A bankruptcy attorney will advise you of the necessary steps to file bankruptcy as well as represent you in bankruptcy court. Your lawyer could also help you with filling out paperwork and can also teach you how to answer questions.
Know that declaring bankruptcy doesn’t always mean that all of your debts will be eliminated. Chapter 13 bankruptcy allows for you to consolidate your debts, repaying the ones that are most important in an affordable way. If you feel like filing for bankruptcy is not responsible, Chapter 13 could be a good option for you. If you file for chapter 13 bankruptcy you will be given the opportunity to pay off as many of the debts you have as you can.
If you are in a situation that may result in bankruptcy, you will probably have a lot of contact with creditors. Get all agreements in writing when you come to terms with a creditor. Any flexibility that is demonstrated by your creditors could have a big impact when it comes to your bankruptcy process. That is why it is a good practice to have everything in writing.
Consider Chapter 13 bankruptcy, if you chose to file. If your source of income is regular and your unsecured debt is less than a quarter million, Chapter 13 bankruptcy is something you are able to file for. You can keep personal possessions, as well as real estate, while paying into a debt consolidation system. This lasts for three to five years and after this, your unsecured debt will be discharged. Consider that if you even miss one payment, your case will not be considered by the court.
Obviously you see the necessity for proper planning and decision-making in before you file. With your finances in turmoil, seek a reputable attorney who has bankruptcy experience. This will allow you to see this as a true, fresh experience
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