Personal Bankruptcy

Personal Bankruptcy

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Personal Bankruptcy AdviceBy Kevin Stith

The America of today means easy credit—and tough repayments. When you can’t pay your debts, filing for bankruptcy is one option.
If you want to avoid filing for bankruptcy, find out if you can sell some of your valuables to recover some money. Borrow from pension funds to pay off some loans. If you have a student loan, you could ask for “hardship forbearance.” If you are fired from your job, ask for “deferment for unemployed.” You could also join a Consumer Debt Consolidation programs, or perhaps even get a Debt Consolidation loan, but be sure to closely examine the rate of interests and the many clauses.
Before you file for bankruptcy, seek advice. Appoint an attorney while you can still afford a good one. Bankruptcy laws can be tricky, so they are best handled by someone who knows about them. Once you get a lawyer, your creditors could talk to him, rather than harass you. Attorneys can also help obtain favorable debt repayment options.
Assess your situation, and then apply under the Chapter 7 bankruptcy or the Chapter 13 bankruptcy. If you have mortgage, it better to file under the Chapter 13 bankruptcy.
Before you file, take a few precautions, like taking money out of exempt assets. Stop making payments on credit cards or other dischargeable payments. To make your position stable, you could even get another job. Do not take a large cash advance of $1000 or more or buy expensive things or even take a vacation.
A collection agency suing you could win a judgment and then take legal steps to make you pay, like seizing your bank accounts. If you are a property owner, the collector could record a lien against your property, which can be used as payment even if you sell or refinance it. Remember that court judgments go on for years, and they can be renewed. If you have been sued, talk to an attorney and file for bankruptcy immediately to help you save your assets.
When you file for bankruptcy, state your assets, debts, and even your source of income. The court will appoint a trustee who will look into your non-exempt assets. These will usually be seized to pay off debts. In approximately thirty days, the mandatory 341 meeting with the trustee will be held; creditors could challenge the petition in this meeting.
After filing, it is possible that the companies may cancel your credits cards, although some banks do provide secured credit cards. With a secured credit card, the debtor puts some money into a bank account and the credit limit is equal to the security deposit paid. Usually, the credit limit is equal to the security deposit and is increased as the debtor proves his or her ability to pay the debt.
Declaring bankruptcy can be a smart move to save your assets, but should only be used as a last resort.
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Personal Bankruptcy