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Filing For Bankruptcy? These Tips Can Help


Are you having financial problems and think bankruptcy is the lone choice you have? Don’t feel bad, you are in good company. Many people have discovered that bankruptcy can help them escape their financial troubles. This article will give you helpful tips to make sure your bankruptcy goes smoothly.

Don’t fear reminding your attorney of any specific details of your case. You cannot expect your lawyer to remember every important detail without some reminder from you. Speak up, because it is your future on the line.

Before you file for bankruptcy, find out which of your assets will be exempt from seizure. The kinds of assets which may be exempted during bankruptcy proceedings are listed in the Bankruptcy Code. You need to compare this list to the assets you own so that you are not surprised when certain assets are seized. It is important to know what types of possessions may be taken away before they actually are seized.

Look over your debts before filing for bankruptcy to make sure they will clear your credit report, as you would not want to file unnecessarily. Certain classes of debt, including taxes, child support, and student loans, are not eligible for bankruptcy. This kind of debt is best tackled through a loan consolidation company or an agency that specializes in credit repair.

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. Ensure that your meeting is actually with the attorney, not with a paralegal or an assistant. People in these positions are unable to offer legal advice. Looking for an attorney will help you find a lawyer you feel good around.

No matter how messed up things are as you file for bankruptcy, it is important that you stay honest. Lying about assets and debts is something you really should not do at all. This is not legal. Lying about your debts or assets can land you in prison.

Make a list of all your debts. This is what you will use when you file for bankruptcy, so make sure every debt you owe is on the list. Review your records to determine the precise amounts that you owe. Don’t do this process too fast because these amounts won’t get discharged if the numbers aren’t right.

Act at the right time. The timing of your filing could be important to its success. There are situations in which it is in your best interest to file immediately, but other times it is advisable to wait. The professional advice of a bankruptcy lawyer can help you pin down the best time to file given your current financial state.

Look into the type of bankruptcy you should file for. There are several forms of bankruptcy. Study and research all of the different bankruptcies before deciding which one is best for you. Think about the advantages and disadvantages of each type and get a professional opinion before deciding for sure.

Think twice if you have struck upon the idea of paying off your taxes by credit card and subsequently filing for personal bankruptcy. In most states, this debt won’t be discharged, and you could end up owing the IRS a whole lot more. A common rule is that dischargeable tax means dischargeable debt. So, there is no reason to use your credit card if it will be discharged in the bankruptcy.

As mentioned before, you are not alone in your bankruptcy journey. However, you are probably among the more informed, because you have learned valuable tips from this article. Use these tips to help make sure you get through the process of filing bankruptcy with a minimum of stress.