Anything leading you to going through bankruptcy is not a happy tale, but the life you live after might be. The whole point is to wipe the slate clean and have a new chance at life. Don’t look at it as the end of the world; read this article to help you determine how your life will be enhanced by bankruptcy.
Do not just assume they each debt you have will be completely wiped away when filing for Chapter 7. You may need to reaffirm certain secured debts. As a result, you must sign another agreement that says you’ll repay them. In addition, under certain circumstances, some debts can’t be discharged. For instance, court-sanctioned fines cannot be discharged under Chapter 7. The same goes for child support and alimony payments.
Always document all the debts you want to be eliminated. Anything not listed will not be a part of the discharge. It’s your responsibility to ensure everything is written down to avoid getting charged for debts that can be discharged.
When you document your financial records, it is vital that you are 100% truthful in order to have a successful resolution to your bankruptcy process. You can lose the right to file bankruptcy now or in the future if you try to withhold information about your assets and income. So it is critical that you disclose everything honestly to to avoid that and any other penalties the trustee might impose if he discovered your attempt to hide information from the court.
Do not delay in filing for bankruptcy. If you have already concluded that you have no other options, procrastination won’t do you any good. Waiting will only worsen your finances and subject you to even more stress. There are many lasting, negative effects this can cause. It’s much better to go ahead and file quickly.
As stated earlier, anything that leads someone to bankruptcy is not a good story. Yet after bankruptcy, you can be happy again. The truth is, that by using the tips in this piece, it is possible to make bankruptcy a positive experience that gives you the fresh start you need
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