Have you filed for bankruptcy? Did you have no other choice and now you have to live with the consequences? Now you can get an idea of how to get through life with this article. You do have options in life, you just have to explore all of them. So take a look through this article to figure out some of your options.
If you have to file bankruptcy, get a lawyer to look over your paperwork before you file. Bankruptcy laws can be very complex, and if you do not have a lawyer, you can get yourself in trouble. Not only are there legal issues that you could face, but you could also end up losing property and cash that you think are protected.
Trying to exclude family members you owe money to before filing for personal bankruptcy can get you into serious hot water. The court will look into who you pay-off as far as a year back, and if they find you showing favor to family over other creditors, they could invalidate your filing completely.
Prior to filing for bankruptcy, be sure you have investigated all of your alternatives. You have better options. For example, you could try credit counseling. Bankruptcy is a serious negative on your credit history so make sure you have no other options before you file. It is important to keep your credit history as positive as possible.
As filing bankruptcy becomes more of a reality, don’t use your entire savings or your retirement funds to pay creditors or attempt to resolve insolvency. Retirement accounts should never be accessed unless all other options have been exhausted. While you may have to use a part of your savings, never completely wipe it out which would only leave you in worse financial shape in the future.
When you document your financial records, it is vital that you are 100% truthful in order to have a successful resolution to your bankruptcy process. Don’t hide income or assets from your lawyer or the bankruptcy trustee or you may find yourself in legal trouble.
Remember that certain kinds of debt won’t be discharged even after you have filed for bankruptcy. If you have outstanding student loans, owe child or spousal support, a divorce settlement agreement, or unpaid taxes, you will still be liable for these debts. Also, if you forget to list certain debts on your court documents, you won’t be able to add them in the future.
Most bankruptcy lawyers give free consultation, so try to meet with these types of lawyers before deciding on hiring one. Make sure that you meet with an actual lawyer and not an assistant or paralegal, as these people are not allowed to provide legal advice. Searching for the best lawyer will help you located the comfort you need during this time.
Bankruptcy should not harm you for the rest of your life. Just because you have met harsh times, does not mean that there is no sign for hope. Now that you know how to live a better life while you get through your bankruptcy, you can focus on rebuilding your finances and your credit history.