Bankruptcy can be stressful and it can also bring relief. On one hand, having people go through all of your personal financial information can be formidable. On the other, however, after the bankruptcy has been discharged, you can get a fresh start and begin to re-build your credit. Continue reading to learn what you need to know to make your bankruptcy almost painless.
TIP! Always be honest with the information you give about your finances. Not only is hiding income and assets wrong, it is also a crime.
When consulting with your bankruptcy lawyer, be sure to disclose all of your significant debts. This obviously includes information on your credit card debts, medical bills, and other outstanding debts, but you should keep in mind that it also includes any loans that you have taken from relatives or friends.
If you need to file for bankruptcy, consider retaining a bankruptcy lawyer. Here are some of the things a qualified bankruptcy attorney can do for you: give you solid advice, simplify the complexity of the process, represent you in the courtroom. Attorneys can prepare your documents and help you with any concerns you may have.
Chapter 7
If you have a co-debtor, consider the ramifications that filing a Chapter 7 bankruptcy will have. When you file under Chapter 7, you will no longer be legally responsible for any debts that were signed by yourself and a co-debtor. This does not dissolve any co-signers of the debt, and your creditors will continue to try and collect from them.
TIP! Once a person?s debts outstrip his or her ability to repay them, bankruptcy may be the only option left. If this sounds familiar, you should read up on the bankruptcy laws in your state.
Do not even think about paying your taxes with credit and petitioning for bankruptcy right after. In most states, this is not dischargeable debt. Therefore, you will end up owing the IRS a lot of money. Transferring the debt to another medium (e.g. a credit card) won?t magically make a tax debt discharagable, either. So it does not help you to put the tax bill on your charge card if you know the debt will be discharged anyway.
Bankruptcy is both a good and a bad thing; it depends on perspective. Regardless of your reason for filing, be aware information is the closest friend you have during the entire thing. The advice you have been provided with has probably helped you better understand bankruptcy. Make good use of these tips. You will be glad you did
Source: http://outlivesheep.com/bankruptcy-tips-and-advice-for-getting-a-fresh-start/
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