Whatever leads you to bankruptcy is a sad tale, but that need not mean that’s the only story to tell for the rest of your life. The point of bankruptcy is to have a clean slate and a fresh start. The article you’re about to read contains great information on bankruptcy and how you can proceed with filing a claim.
A lot of people find themselves needing to file bankruptcy when they are unable to pay their bills. If this is the case for you, you should begin to investigate the legislation in your state. Laws differ from one state to the other. Some states protect your home, and others do not. Familiarize yourself with the bankruptcy laws of your state prior to filing.
Rather than checking online, try to get recommendations from friends or family about a suitable bankruptcy attorney. There are many companies who take advantage of financial desperation; that is why it is important that you get someone that is trustworthy.
Do not abandon hope. Filing for personal bankruptcy may possibly enable you to reclaim your personal property that have been repossessed, like your car, electronics and jewelry items. If you have any property in repossession that was taken less than three months before filing for bankruptcy, then there are good odds that you can get your property back. Interview and research attorneys before choosing one to help you with your bankruptcy.
Know the differences between Chapter 7 and Chapter 13 bankruptcy. In Chapter 7 bankruptcy, your debts are all eliminated. Any debts that you owe to creditors will be wiped clean. If you file for Chapter 13 bankruptcy, however, you will enter into a 60 month repayment plan before your debts are completely dissolved. It is important that you understand the differences between the different types of bankruptcy, so that you can decide which option is best for you.
As you can see by now, many people find themselves pondering whether or not to file bankruptcy. But since reading this article, you now have information that others don’t have. Use the information here to help see you through a smooth bankruptcy.
