It is common for those who face bankruptcy to experience feelings of despair, rage, frustration and sadness. People sometimes assume incorrectly that they are up against a wall, and there’s no way out. By reading this article, you will soon realize that bankruptcy is not the end of the road for your financial future.
When it gets time to think about bankruptcy, avoid using your retirement or savings to pay off the creditors or even make attempts to settle the debt. Retirement accounts should never be touched if it can be helped. You may need to tap your savings, but don’t empty your savings account, as this could leave you in a difficult situation down the road.
Any bankruptcy consultation should be free of charge. Most lawyers provide a consultation for free, so consult with many of them before picking which one you want to hire. Only make your decision if all your questions and concerns are adequately addressed. You can think about your decision before making a commitment. You have lots of time for consulting with other lawyers.
Most bankruptcy lawyers give free consultation, so try to meet with these types of lawyers before deciding on hiring one. Meet with the actual lawyer, not a paralegal or assistant, as they’re not allowed to give out legal advice. It will be important to work with a bankruptcy lawyer that you feel comfortable with; a little comparison shopping will help you find the right one.
There are two different kinds of personal bankruptcy you can file for: Chapter 7 and Chapter 13. Do some research about these options so you can choose the best one. If there is anything that you don’t understand, go over it with your lawyer so that you can make the best decision.
Do not forget to make quality time for friends and family members. The process for bankruptcy can be hard. Not only is the process long, but it can be stressful, and many people feel ashamed when they do it. Lots of people think they need to hide from everyone until this is all done. This is not a good idea because staying alone could cause serious problems with depression. Time spent with people who care about you can give you new perspective on your financial situation.
Never forget that you still deserve to enjoy life while you go through the bankruptcy process. Lots of debtors are stressed out when they’ve come to filing time. This kind of stress can take a heavy toll on your personal life, especially if you are not making any efforts to adopt a positive attitude. Life will get better; you just need to make it through the bankruptcy process.
There are circumstances where you are able to keep your car during a bankruptcy so be sure to ask your lawyer about possibly reducing the payments. Filing under Chapter 7 is usually a good way to lower your payments. In order for this to succeed, you must have bought your car in excess of 910 days before filing, have a higher interest loan for it as well as a consistent work history.
Now that you’ve read this article, I hope you can see that having personal bankruptcy doesn’t necessarily mean doom for you. Initially it can be troubling, but bankruptcy can be beaten. Follow the advice in this article for help in controlling your debt and deciding if bankruptcy is right for you.
Author: Eddy PriceThis author has published 1080 articles so far. More info about the author is coming soon.