Having to file for personal bankruptcy can really make you feel like a number in financial turmoil. With proper guidance, however, you can face this difficult time with your head held high, knowing that you have a brighter financial future ahead of you. This article aims to be that proper guidance.
Do not wait too long to file for bankruptcy, if that is what you are going to do. By waiting a long period of time, you are just allowing your debt to keep piling up. Once you have decided that filing for bankruptcy is the right choice, start the process right away!
Be safe and hire an attorney for help. There are many websites these days that claim to walk you through the process of filing bankruptcy on your own. It is cheaper than using an attorney to get you through this time, but it is not advisable. This is not something that you want to take chances on.
Do not try to defraud the court by failing to list any assets. When you sign your bankruptcy forms, you do it under penalty of perjury. If the court finds out that you tried to be dishonest with them about anything, they will dismiss your case and you can be prosecuted.
If you need to file for bankruptcy, you need to list all of your creditors. Do not leave any of them off. Take the time to get a credit report so you can compile a complete list of all creditors before you file. You could end up in debt after you file if you do not.
See also Having Difficulty with money?
Decide if you to file in Bankruptcy
One you realize you are in financial trouble and have decided to file for personal bankruptcy you should move quickly. Waiting to the last minute to file bankruptcy can cause a number of issues. You may face negative repercussions such as wage or bank account garnishment or foreclosure on your home. You can also not leave time enough for a thorough review of your financial situation.
Do not take filing for bankruptcy lightly. Remember, this situation will appear on your credit report for ten years after you file, and you are unable to file again for six years. You may have a difficult time securing credit or low interest rates in the future, so make sure that you save this option until you truly have no alternatives.