When filing for bankruptcy, it is best not take the process lightly! Make sure that you know what you are doing every step of the way. Use the tips in this article to guide you in the right direction. No matter which decision you make, knowledge is essential.
It’s important that you understand what bankruptcy is and how it will change your life before you attempt to file a claim. The United States Department of Justice, the American Bankruptcy Institute and the National Association of Consumer Bankruptcy Attorneys, all provide valuable information. The more you know about it, the better you are able to make the best decision for your situation and to make sure that the bankruptcy proceedings move forward with minimal setbacks.
Do not consider paying off tax debt with credit cards and filing for bankruptcy afterward. It won’t work. In some places the debt can not be discharged, and you may still need to pay the IRS afterward. The main thing to remember is that dischargeable taxes are the equivalent of dischargeable debts. So it does not help you to put the tax bill on your charge card if you know the debt will be discharged anyway.
Try to find a bankruptcy attorney who is personally recommended, rather than off the Internet, or out of the yellow pages. You want your bankruptcy to go smoothly, and the Internet is rife with fly-by-night companies whose only goal is to prey upon the financially desperate.
Prior to filing your bankruptcy petition, go over the list of assets that cannot be seized by creditors. The federal statutes covering bankruptcy can tell you exactly which assets are exempt from forfeiture to pay off creditors. Make sure to review the list before filing a claim so you know if your valuables will be subject to seizure. If you aren’t aware of this, you could lose some assets that you value.
Never give up. Certain property cannot be repossessed while you are in the process of filing for bankruptcy so be sure to learn about the laws in your state. There is a chance that you can get back your property if it has been less than ninety days since repossession. Speak with a lawyer that will provide you with guidance for the entire thing.
Ask for a free consultation with your bankruptcy attorney and ask questions about experience and education. Most lawyers offer free consultations, so talk to a few before making your decision. The lawyer who properly answers your questions is the one you should hire. After your consultation, take your time to make your decision. Consulting with several attorneys will also help you find someone you trust.
Be sure to hire an attorney before you embark upon filing for personal bankruptcy. There are many different aspects to filing bankruptcy, and you may not understand everything there is to know. An attorney that specializes in personal bankruptcy, can help guide you and make sure that your filing happens properly.
Before picking a bankruptcy lawyer, speak with more than one, since most offer a consultation for free. Ask to speak with the licensed attorney and not a representative, who can not offer legitimate legal counsel. Seeking out different attorneys is all part of the process until you find someone that you can trust.
Now you know that there a variety of methods you can use when it comes to filing for bankruptcy. Don’t stress about the amount of information before you. Take some time to figure things out. The more level-headed you can remain throughout this process, the better the choice will be that you make.