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Money Problems? Learn More About Personal Bankruptcy


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If you are deeply in debt and considering bankruptcy, take heart. With the Internet, you can find out ways to avoid bankruptcy. Read through this guide and learn how you could avoid being bankrupt.

TIP! Most people end up filing for personal bankruptcy because they owe more than they make. If you’re in this position, it is a good thing to familiarize yourself with the laws that apply in your area.

Prior to filing for bankruptcy, be sure you have investigated all of your alternatives. Consider any other options that are available to you, such as consumer credit counseling. Bankruptcy stays on your credit for a whole decade, so if there are less drastic options that will solve your credit problems, it is in your best interest to make use of them.

Do not abandon hope. You might even be able to get back secured property that has been repossessed in the 90 days before filing. Filing for bankruptcy may allow you to regain ownership of recently repossessed property. Discuss your options with a good lawyer who can help you with the filing of your bankruptcy petition.

TIP! Don’t look at bankruptcy as a first step. Look at all the other options you may have first.

It is important to know how Chapter 7 filings differ from Chapter 13 filings. By researching each type, you can begin to understand which method is right for you. Do not hesitate to have your lawyer explain any details that seem difficult to grasp. This will help ensure you make the right choice when filing.

If you are considering filing for personal bankruptcy, be certain that this is really the right course of action for you. You may find consolidating your debt may be simpler. It is not a quick and easy process to file for bankruptcy. It will certainly affect the credit rating that you have in the future. Therefore, before you file for bankruptcy you need to consider all of your alternatives.

Chapter 13 Bankruptcy

Consider filing using chapter 13 bankruptcy. If you have a regular source of income and less than $250,000 in unsecured debt, you can file for Chapter 13 bankruptcy. When you file for Chapter 13, you can use the debt consolidation plan to repay your debts, while retaining your real estate and your personal property. It usually takes three to five years to fulfill this plan. When the time is up, you’re unsecured debts will be discharged. However, if you are unable to properly commit to the plan you agree to, your case can be dismissed.

TIP! Don’t file for bankruptcy until you know what assets of yours can and can’t be seized. To find an itemized list detailing assets exempt from bankruptcy, find the Bankruptcy Code.

Proper planning is the best place to start. If aren’t in such dire circumstances that you must file for bankruptcy immediately, it might be a good idea to wait if there is a reasonable chance you can improve your financial situation. Remember to keep working towards your goal of avoiding bankruptcy. Get your plan together today, and start working towards a better financial future.