Bankruptcy is serious, and should not be looked at as something that isn’t a big deal. Make sure that you know what you are doing every step of the way. Use the tips in this article to guide you in the right direction. Whatever your particular difficult situation entails, you can learn how to handle it with a little research.
Find a bankruptcy lawyer Ogden who offers free consultations, and ask lots of questions. Most lawyers provide a consultation for free, so consult with many of them before picking which one you want to hire. Only make a decision after you have met with several attorneys and all of your concerns and questions have been addressed. You need not decide right away. You can take as much time as you need to meet with different lawyers.
Do some research to find out more about Chapter 13 and Chapter 7. If you file using Chapter 7 bankruptcy, you will get all your debts eliminated. All of your financial ties to the people you owe money to will disappear. Chapter 13 is different, though. This type of bankruptcy entails an agreement to pay off your debts for five years prior to wiping the slate clean. It’s imperative that you know the differences among the various categories of bankruptcy so that you are able to choose the wisest one for you.
Since the majority of attorneys are willing to provide no-cost initial consultations, it is smart to meet with more than one before you make a selection. It is important to meet with the actual lawyer, because paralegals or assistants cannot give you legal advice. Shopping around for a lawyer can help you find someone with whom you feel comfortable.
Understand the differences between Chapter 7 and Chapter 13 bankruptcy. Investigate the benefits and pitfalls of both. Online resources may be able to provide all the information you need. If you have trouble understanding the wealth of information, talk to your lawyer so he or she can help you make an informed choice.
Thing about filing a Chapter 13 bankruptcy. You are eligible for filing bankruptcy under Chapter 13 if you work and owe less than $250,000. The benefit of this plan is that you retain personal belongings and private real estate and your debts are repaid by an organized payment plan. This lasts for three to five years and after this, your unsecured debt will be discharged. However, if you are unable to properly commit to the plan you agree to, your case can be dismissed.
When you are looking at a Chapter 7 personal bankruptcy, you may well have debts to worry about for which you share responsibility with another person, such as a spouse, family member, or business partner. You may have your responsibility for your portion of the loan discharged under Chapter 7. Your creditors can then come after your co-debtor for full repayment of the debt.
As you have seen, filing for personal bankruptcy can be complicated. Don’t let the amount of information overwhelm you! Take a minute to think about the tips you learned here. You will be more likely to make beneficial and thoughtful decisions as a result.