Before Filing Bankruptcy
In this section of Total Bankruptcy, you will learn about things you should be doing when thinking about filing bankruptcy, including:
Considering Bankruptcy
The decision to pursue bankruptcy protection is not one that's easy to make. Somehow, you want to save face or "do the right thing." So, you struggle along while your creditors turn up the heat. Pretty soon, with all the late fees, penalties and mounting interest, keeping your head above water becomes almost impossible.
Ask yourself this. If you could eliminate your debt without permanently damaging your credit, why wouldn't you? The stigma related to bankruptcy is not what it was 30 years ago. Just ask the millions of Americans who have taken this step to rebuild their futures. A clean slate is the ultimate tool of empowerment. Bankruptcy may not be the right decision for you, but you owe it to yourself to become educated about all of your options so that you can make an informed decision.
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First, assess your financial situation
Taking a close look at the bottom line is a courageous first step. But, it's a crucial first step. You can start the process yourself. However, the best avenue is to seek legal counsel even in the early stages. An experienced attorney can help separate panic from reality and even advise that you might not be in as bad shape as you think.
Some initial questions to ask yourself:
- Are you heavily in debt, with little prospect of getting out of that debt in the near future?
- Have you had, or are your creditors threatening, a foreclosure on your home, a repossession of your car or other legal action to take your property?
- Have you experienced a dramatic drop in income that you don't anticipate replacing anytime soon?
- Are you frequently late paying bills?
- Do you only pay the minimum on your credit cards?
- Are you unable to make even the minimum payments?
- Do you have to sacrifice basic necessities just to make ends meet?
- Are you paying more money than you make on just your monthly living expenses?
- Are you losing sleep at night wondering how you're going to make it?
- Have you bounced more than one check in the last two months?
- Are your wages currently, or in jeopardy of, being garnished?
- Have you recently become partially or totally disabled?
- Are you going through a divorce resulting in a decrease of income but an increase in expenses?
If you answered yes to some or a number of these questions, bankruptcy could be right for you. Your next step is to talk to a qualified bankruptcy attorney to assess your rights and determine if bankruptcy is right for you. Bankruptcy is not for everyone, but you need to be an informed consumer to make the right decision. Don't wait until your wages are being garnished or your car is repossessed. Be proactive and resolve the situation now.
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How can the U.S. Bankruptcy Code protect me?
The Bankruptcy Code is a set of federal laws with very broad powers that entitle you and others with severe financial problems, to obtain relief from debt and rebuild your credit and your life. For individuals, the options are either Chapter 7 bankruptcy or Chapter 13 bankruptcy. In a Chapter 7 bankruptcy case, most of your unsecured debts are discharged and assets beyond allowable exemptions are liquidated to pay some or all of your debt. Usually most of your assets are exempt--meaning they cannot be liquidated.
Exempt property usually includes:
- Primary residence;
- Vehicle;
- Certain items of personal property;
- Tools and work equipment; and
- Numerous other categories of property.
After your case is completed and all dischargeable debts are forgiven, the bankruptcy case is closed. You can make a new start with a commitment to avoid getting in this situation again.
In a Chapter 13 case, you can reorganize your debts and repay them in an affordable payment plan that lasts 36 to 60 months. Your creditors cannot take any action against you while you repay your debts.
» Click here to view the entire Title 11 U.S. Bankruptcy Code
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The experienced bankruptcy attorneys sponsoring TotalBankruptcy.com know how to help you navigate the sometimes tricky waters of bankruptcy, eliminate the majority of your debts and help you keep as much of your property as possible. They can also help you emerge from bankruptcy with a plan for a healthier financial lifestyle.
So, get started today. Call 1 (877) 349-1309 or use our online case evaluation form. Simply fill out this secure online form with a few details about the nature of your financial situation (all of which will be kept confidential), and one of our experienced bankruptcy attorneys will contact you to schedule your free, no-obligation consultation. It couldn't be any easier.
Feel free to explore our site for more information. When you do, we're sure you'll make the right move toward a better future.