If you were unfortunate enough to have your property repossessed by the tax man, you should probably consider bankruptcy. Bankruptcy is a major life decision, but sometimes it can be the right choice. Continue reading this article to understand what you need to know about bankruptcy and the likely end result of going through one.
Make sure you have gone over all your options before the dreaded credit harming step of filing for bankruptcy. Most companies will settle your debt for much less, or work with you to find a payment plan you can afford. You can realize significant savings in this way, and also spare your credit record. Think about debt consolidation loans before filing.
If you plan to pay debts off before you file for bankruptcy, be careful. Check the bankruptcy laws in your state to make sure you have not done anything in the past year to make yourself ineligible to petition for bankruptcy. Study applicable regulations prior to making any financial choices.
Even if you start a new job prior to declaring bankruptcy, do not change your plans! Filing for bankruptcy may still be the best way forward for you. When you decide to file could really make a huge difference. Should you file prior to earning your first paycheck, that money will not be considered when it comes to how you will repay.
Credit Card
If you owe money on taxes, don?t look at bankruptcy as a way to avoid paying. It?s not uncommon for some people to assume they can pay the tax amount owed with credit cards, and then use bankruptcy to hide behind. This is done with the hope of evading taxes by shifting the balance to a credit card account. But, this practice is prohibited by the bankruptcy code, and you will be responsible for the tax bill as well as the credit card debt.
See if your attorney can help you lower your payments if you want to keep your vehicle. Many times, payments can be lowered through Chapter 7 bankruptcy. There are certain requirements and restrictions such as a loan that has a high interest rate, cars purchased 910 days before you file, and a steady job history that can help you keep your vehicle.
Some attorneys may offer to contact creditors in regard to any delinquent accounts in your name. When a debt collector calls the number, they will be able to obtain verification that your personal debt is in the process of bankruptcy filing. Then, you won?t have to worry about any further harassing phone calls.
Make sure you know as much as possible before you file. If you cannot afford a specialized lawyer, you should think about filing for bankruptcy yourself. You should know what types of debt can be included in the filing and any debts that are ineligible. Those that do it themselves commonly make errors, preventing them in securing a discharge. You need to make sure you?re doing everything right.
After you decide that bankruptcy is your best option, learn as much as you can about the laws that apply to your case. Remember that the future of your family could depend on this decision; get help from a specialized lawyer to go through this procedure as smoothly as possible.
Always be completely truthful when you disclose your personal information during a bankruptcy. Your petition could be immediately dismissed by the court if they discover you have been lying. Make sure all assets and income sources are accounted for when you file your petition. This shows the court that you are doing your best to resolve your situation, and helps them expedite your proceeding.
There are differences between Chapter 13 bankruptcy and Chapter 7; be sure to familiarize yourself with both. Be sure you go on the Internet and do your research to see what?s best for you. If you have trouble understanding the wealth of information, talk to your lawyer so he or she can help you make an informed choice.
An experienced bankruptcy attorney can guide you through the process successfully. There are many lawyers out there to choose from. Hiring the cheapest lawyer may seem like the most logical option, but this is only true if they are also experienced.
Chapter 13
Be sure you know how Chapter 7 and Chapter 13 differ. Should you choose Chapter 7, your total debt load will be erased. This includes creditors and your relationship with them will become no longer existent. A Chapter 13 filing involves a repayment plan, though. Typically, you will make a partial payment against your debts over the next 60 months before the balance of the debts is lifted. You must know about the different bankruptcy types, and how each can affect you.
In conclusion, the option of bankruptcy is always there. It is not something that should be done lightly, however, due to the negative effects it can have on one?s credit. Learn all that you can about bankruptcy before you file. That way, you will be prepared to make the best decision for a happy financial future.
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