Facing repossession of your valuable items, like vehicles or jewelry, can make you feel very afraid of the Internal Revenue Service. You can eliminate calls from debt collectors and get your finances back on track by filing for bankruptcy. Read on to see how to get through the process.
It is important to remind your lawyer of any details that may be important to your case. Just because you have told him something of importance that he will remember it. Don’t be afraid to speak up, as it is your case and your future will be affected by its outcome.
After a bankruptcy, you may still see problems getting any kind of unsecured credit. If this happens to you, think about applying for a couple of secured credit cards. When you do this, it shows your determination to fix your credit history. Eventually, you could be able to obtain unsecured credit.
Prior to putting in the bankruptcy paperwork, determine what assets are protected from seizure. The Bankruptcy Code includes a list of the types of assets that are exempt from the bankruptcy process. It is crucial to read the list before you file for bankruptcy so you know whether your favorite items will be taken. It is important to know what types of possessions may be taken away before they actually are seized.
When you do meet with a lawyer make sure that they answer all of your questions and that they do not charge you for consultation alone. It is a good idea to consult several attorney before deciding on one. Only make your decision if all your questions and concerns are adequately addressed. It is not necessary to make a final decision right away. Take the time to meet with a number of attorneys.
Since it is possible to obtain a free consultation from the majority of bankruptcy lawyers, meet with a few of them prior to choosing one. Meet with the actual lawyer, not a paralegal or assistant, as they’re not allowed to give out legal advice. Shopping around for a lawyer can help you find someone with whom you feel comfortable.
Chapter 13 Bankruptcy
Consider Chapter 13 bankruptcy for your filing. You are eligible to file Chapter 13 bankruptcy if your income is reliable and your unsecured debt does not exceed $250,000. When you file for Chapter 13, you can use the debt consolidation plan to repay your debts, while retaining your real estate and your personal property. The length of the plan is generally up to five years, and when this is over, you will be free of unsecured debt. Missing a payment under these plans can result in total dismissal by the courts.
Always look into other options and make personal bankruptcy your last resort. Be wary of debt consolidation companies who can drive you even further into debt. The tips you have found here can help you to make the choices that are right for you, and help you steer clear of debt in the future.