Advice On How To File For Bankruptcy

Dated: 10/13/2017

Views: 14

Image title

 Don't let bankruptcy plague your life. If you feel like you are going to get into a financial crisis and have to file for bankruptcy then you are going to want to read this article. The advice that you'll find in this article is going to help you get through the stress of bills and avoid filing for bankruptcy.Laws regarding bankruptcy vary by state, so you need to find a lawyer that can walk you through the entire process and help keep your rights protected. In several cases, you can keep your car and your home, but it's your attorney that will tell you what rights you have, what you can keep, and what you will need to surrender.Once you have filed for bankruptcy, you need to go over your finances and do your best to come up with a manageable budget. You want to do this so that you will not end up so deep in debt again that you will have to file for bankruptcy, again.A huge mistake people make before filing for bankruptcy is maxing out their credit cards. This can lead to disaster when you file and the credit card companies might not discharge the debt. If you can, you need to stop using your credit cards at least six months before you file, and ideally for a year prior. Also, do your best to pay the minimum payments on these cards for at least six months before you file.If you are planning to file for bankruptcy in the near future, don't charge up your credit cards thinking that you won't have to pay back the debt. In many states, there are rules about how much credit card debt and what kind, may be discharged in a bankruptcy. For instance, if you make purchases for luxury items, such as an expensive new TV, within 6 months prior to filing, you may be obligated to pay that amount back. On the other hand, if you used your credit card to purchase groceries, or other necessities, the rules may be different. Be sure to ask your attorney for advice.A great tip for filers of personal bankruptcy is to thoroughly prepare for the initial meeting with the bankruptcy attorney. By assembling every piece of relevant financial documentation, including mortgage documents, auto finance agreements, credit card statements, tax records and bank statements, you can be certain that your bankruptcy petition and supporting documentation includes all information required for a comprehensive filing.Be aware that most bankruptcy lawyers will offer a free consultation. Take advantage of that and meet with several of them. If it's handled in 15 minutes or less, if you meet with the assistant instead of the lawyer, or if you're pressured to sign up immediately in person or by phone, go somewhere else.Think about all of what you learned today. Can you recall it at free will? If not, then there is no shame in rereading this article. You want to make sure that you don't have to file for bankruptcy, so go ahead and reread this article if you have to and you may just be able to avoid bankruptcy. For more information contact me at 248 470-8944 or visit www.bloomfieldhomesearch.com

Blog author image

Kendra Pack

I point out proven techniques usually hidden from the average homeowner, to make owning a home a dream come true. I provide education to help people restore their credit along with giving action plans....

Latest Blog Posts

Saint Clair Shores - First Time Home Buyer!

Congratulations to Bryce on his very FIRST home!! I was happy to help him find this gem in St. Clair Shores!;

Read More

You Need an Agent Who Will Always Put You First

Whether you are a rookie homebuyer or have gone through the process many times, having a local real estate expert who is well versed in the neighborhood you are looking to move to, as well

Read More

To Blog or Not To Blog

To Blog or not to Blog??Hours can be spent expending your ideas and thoughts on an issue through blogging, but who really is reading them? how do you reach the masses? and when you do... why would

Read More

Where Are Mortgage Interest Rates Headed In 2019?

Where Are Mortgage Interest Rates Headed In 2019? Tuesday September 25th, 2018  First Time Home Buyers, For Buyers, For Sellers, Interest Rates,Move-Up BuyersThe

Read More