Are you facing serious financial difficulties, but have previously filed for bankruptcy? If you meet the requirements, you can file for bankruptcy more than once. An attorney will guide you.
Filing for bankruptcy is not an indicator of financial irresponsibility, so don't let worries about what other may think stop you from going forward. In many cases, people are forced into bankruptcy because of the circumstances of their lives.
Before entering into a Chapter 7 bankruptcy, filers must meet the requirements of the Chapter 7 “Means Test.” This is necessary to make sure that only those who are genuinely qualified for Chapter 7 are allowed to use it and to prevent those in better financial health from exploiting it.
Individual circumstances vary, and while one type of bankruptcy filing may be right for one, it may not be right for another. For example, for those who have secured debt and a steady source of income, Chapter 13 may be the better option than Chapter 7.
While it is true that you can file for bankruptcy yourself, that is not necessarily the wisest path to follow. One misstep can cause you more problems than you bargained for and defeat the purpose of filing. Talk with someone who practices bankruptcy law.
If you are married, it is a myth to think that both you and your spouse will need to file for bankruptcy. The determining factor is your particular situation and the nature of your debt.
During the bankruptcy procedure, a “meeting with the creditors” will take place and its primary purpose is to gather all the facts about the debt of the filer. Seeking guidance from an attorney can prepare you so that it goes smoothly.
Just because credit card debt is absolved in bankruptcy, that doesn't mean you can go on a spending spree to take advantage of that. The courts take a dim view of this practice and it could come back to haunt you.
Don't let what you hear on the street cause you unnecessary fear and worry if you're thinking of filing for bankruptcy. The best solution is to meet with a specialist in the field to find out exactly what you will face.
When filing for bankruptcy, don't try to hide assets. If you do, and it is discovered, the courts can impose severe penalties. When in doubt, list everything and trust your attorney to guide you.
Bankruptcy does not mean gloom and doom, nor does it condemn you to a life of impoverishment. It is a recognized, legal process for taking care of debt that has gotten out of hand.
The three main causes of bankruptcy are divorce, severe illness and job loss. Fortunately, bankruptcy is a financial remedy that is available all US citizens who have a legitimate reason for filing.
The most noticeable difference between Chapter 13 bankruptcy and Chapter 7 is that Chapter 13 creates a repayment plan to resolve outstanding debt. Chapter 7 requires paying off what can be paid, and then discharging the remaining debt.
Why should you seek the help of an attorney when filing for bankruptcy? There are a few components that you could unknowingly mess up, like filing under the wrong chapter or incorrectly citing property exemptions, among other pitfalls.
While there are many things that will be discharged in bankruptcy, there are some that cannot. Instead of guessing (and worrying), talk with an attorney for sound advice and guidance.
If you are facing foreclosure, filing for bankruptcy may be able to stop the process and help you keep your home. However, there are deadlines and a specific timeframe that must be adhered to so that you do not jeopardize your residence.
Harassment by creditors can disrupt your life, create problems, and make your life miserable. One of the advantages to filing for bankruptcy is that it puts an end to these calls as creditors are prohibited from contacting you.
While filing for bankruptcy will damage your credit, it won't damage it forever. With patience, due diligence, and a smart credit building program you can restore the numbers.
Filing Chapter 7 bankruptcy generally requires surrendering non-exempt assets and property for liquidation and distribution of the proceeds. An attorney who understand bankruptcy law is the best source for help in understanding about your assets.
As with most legal procedures, filing for bankruptcy comes with deadlines, and failing to meet them can bring a negative result for you. Make sure you sign and submit all papers on time so you are not penalized.
There is a lot of false information out there about bankruptcy, much of it generated by lending agencies and banks since it is in their interests to discourage people from filing. You can count on a bankruptcy attorney to tell you exactly what your rights are and what you can do.
If there is a divorce with divided debt, assets, and property, it does not prevent filing for bankruptcy. A bankruptcy attorney is your best source for information on how your situation is addressed, the information you need to provide, and what you can expect.
If you owe court-ordered spousal or child support, filing for bankruptcy won't relieve you of your obligation. However, you may able to petition to have your agreement restructured.
Once you enter into bankruptcy, that does not mean you will be denied credit or have to pay exorbitant interest rates for the rest of your life. If you are responsible with your finances after bankruptcy, it's possible to achieve interest rates comparable to those who have never filed.
If you have few assets or debt that is unsecured, Chapter 7 bankruptcy may be the best option. In many cases, if there is any debt remaining once the non-exempt assets and property are sold, it may be discharged. Consult with an attorney, though, for guidance.
If you file for bankruptcy you can rest assured knowing you won’t be left out on the street with nothing to your name other than your underwear. While assets that are considered exempt vary from state to state, but your house, vehicles and clothes are safe.