Personal Bankruptcy: Do I Have Any Choices?
In order to file a bankruptcy claim, you will run into more than a couple of complicated hurdles to jump. Different bankruptcy filing types are available, and the right one for you will depend on the kinds of debts you have and your overall financial picture. Therefore, it is essential that you learn about bankruptcy prior to petitioning the courts for bankruptcy protection. This article is a great place to start learning this information.
Never lie about anything in your bankruptcy petition. Remember that if you hide your valuable assets or income from your bankruptcy trustee, you may risk a number of penalties and complications. Among these is the possibility that you could be blocked from ever filing again.
Exhaust every other option before making the decision to file for personal bankruptcy. You have better options. For example, you could try credit counseling. Bankruptcy permanently affects your credit, so avoid filing until you have exhausted all of your other options.
Before making the decision to file for bankruptcy, be sure you have considered alternative options. There are numerous programs out there that may assist you with your debt, like a credit counseling program, a nonprofit group, government assistance, etc. You may have the ability to negotiate much lower payments, just be sure any debt modifications you agree to are written and that you have a copy.
After you have declared bankruptcy, you may have a hard time being approved for unsecured credit. If you find yourself in this situation, you may want to think about getting a secured card or two. Having a credit card of any type will allow creditors to realize that you’re attempting to work in the right direction to repair your credit. Then, in time, it may be possible for you to obtain an unsecured credit card.
As mention earlier, you always have the option to file for bankruptcy. It should be said that all other avenues should be explored before damaging your credit with a bankruptcy. A person who becomes well informed in regard to personal bankruptcy will avoid a great deal of stress and will be better prepared to defend valuable belongings from seizure.