Make sure you know how to differentiate between Chapter 13 and Chapter 7. Investigate the benefits and pitfalls of both. Online resources may be able to provide all the information you need. If anything you see is unclear or doesn’t make sense, go over it again with your attorney before making the final filing decision.
If you filed for Chapter 13 bankruptcy, you can still get a mortgage or a car loan. However, it will be a longer and more arduous task. First, your trustee will have to approve the loan. Draw up a budget, demonstrating that you can afford the new loan payment. Also, be sure you have a clear explanation as to why the item you are purchasing is absolutely necessary.
Don’t put off handling the research or procedures for the bankruptcy process if that is the route you’re taking. Yes, it may be hard to admit the need for help, however, if you try to stall from getting help your situation can only worsen. Making use of a bankruptcy pro immediately can make the difference in success and failure in bankruptcy court.
Think about taking on another job. You may be able to avoid bankruptcy by negotiating with your creditors in order to find a workable plan for paying off your debt. Most will accede to your wishes and prevent the filing of bankruptcy.
Do not put off filing for bankruptcy. It is quite common for people to linger on hoping that their financial difficulties will somehow resolve; however, this very rarely happens. If you have failed to make payments for several months but have continued making purchases on credit, your petition may be denied. As soon as you stop denying that your debt is unmanageable, seek the advice of a good bankruptcy attorney.
Ask your bankruptcy lawyer if they have a telephone number for you to refer all debt collectors when they call about your debt. This number can be given to creditors and collection agencies so that they can confirm that you are filing bankruptcy. Once this is done, they will cease and desist calling you.
In the event your bankruptcy case gets dismissed due to your own error, it is possible to re-file. But, generally speaking, the automatic stay will apply for 30 days only if you have already received a prior dismissal. If the judge can understand your error and refiling, then then stay may be extended.
People who are afraid of bankruptcy have good cause to be; the process can be scary and stressful. Though the fear may be great, you can alleviate some of that with this article. The advice in this article will make the idea of filing for bankruptcy a little easier for both you and your family.
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