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Taking The Challenge Out Of Your Bankruptcy


It can be challenging to face the prospect of bankruptcy. When you are dealing with financial stress, you come to the realization there aren’t many options. Filing for bankruptcy doesn’t mean you are permanently barred for owning things that require large loans, such as an automobile or a house. Read these tips to find out more.

If your bankruptcy case is dismissed because you made a mistake, you can re-file. But, most of the time, you only get an automatic stay for thirty days after filing if the case was previously dismissed. It is possible to get the stay extended, if there is a good reason for the error and refiling.

If you believe that bankruptcy proceedings may be the answer to your financial woes, you should make haste to learn about the process. As with anything in life, putting off important things such as debt repayment can snowball quickly out of control. By consulting a professional, you will be able to get the advice that you need before everything gets too complicated.

Get the word “shame” out of your head when filing for bankruptcy. Going through bankruptcy can cause you to lose a lot of self-esteem. Feeling like this will not help your situation and can actually do serious damage to your mental well-being. Staying positive and upbeat is the proper way to deal with bankruptcy.

If you filed for Chapter 13 bankruptcy, you can still get a mortgage or a car loan. It is a little more difficult, though. Your trustee must approve any new loans such as this. Draw up a budget, demonstrating that you can afford the new loan payment. You will always have to let them know why this item needs to be purchased.

Don’t show up to your meeting with your bankruptcy lawyer empty handed. Take some time to list all questions and concerns you have before your first meeting together. Attorneys can be costly when they bill by the hour. You can save time and money and also be sure that all of your concerns are addressed when you prepare notes for your meeting with your attorney. Make sure you clearly understand the process.

When you file for bankruptcy, you need to list every single debt that you want wiped out. Debts that you leave out of your filing paperwork will not be addressed during the bankruptcy proceedings. It is up to you to verify that you’ve disclosed all debts so that you won’t end up paying off debts that may have been covered by the bankruptcy filing.

Prior to filing your bankruptcy petition, go over the list of assets that cannot be seized by creditors. To find an itemized list detailing assets exempt from bankruptcy, find the Bankruptcy Code. Be sure that you study this list. Make yourself aware of any assets you have that could be seized. If you fail to do so, things could get ugly.

Don’t wait until the last minute to file bankruptcy. Many people simply try to ignore their financial troubles, hoping that they will somehow go away, but this is a huge mistake. If debts are not dealt with quickly, things can quickly get out of control. Not only will you be faced with late fees and interest, but you may also be faced with a wage garnishment or foreclosure if you ignore your financial woes. When you find that you cannot take care of your debts anymore speak with an attorney for bankruptcy to talk things over.

Even when filing for bankruptcy you should now be aware that this should not put a damper on your life. By becoming more of a financially responsible individual, creditors will get the picture that you’re trying to dig yourself out of a hole. Start saving to see just how much of an impact the change makes when people see you go for a home or car loan.