Just thinking about bankruptcy is more than enough to strike substantial fear into anyone’s heart. Growing debt, along with insufficient income to support a family, can make life seem unbearable. If you’re afraid of this scenario (or worse if you are living at), it is our sincere hope that the advice given here will be of help to you.
Do not try to get clever by paying your taxes via credit card before you declare bankruptcy in an effort to dodge your tax burden. In many parts of the country, you cannot get this debt discharged, and in the end you will be left owing the IRS a big sum of money. Bear this in mind; if the tax can be discharged, then the debt can be as well. If you live in an area where tax can be discharged through bankruptcy, financing your tax bill is pretty pointless.
Never lie about anything in your bankruptcy petition. Not only is hiding income and assets wrong, it is also a crime.
Be brutally honest when you file for bankruptcy, as hiding assets or liabilities, will only come back to haunt you. Whomever you plan to use should know a lot about the finances that you have, both the good and the bad. Do not hold back anything, and form a sound plan to make peace with your reality.
If you are seriously thinking of filing bankruptcy, make sure that you contact an attorney. Personal bankruptcy is quite complex, and it is entirely possible that you will not be able to familiarize yourself with all the laws and processes. An attorney will make sure that everything is being done correctly.
People who say that bankruptcy is a scary experience aren’t exaggerating. While it may have frightened you previously, you should fear bankruptcy no longer after reading this article. Apply this advice to improve your situation for yourself and any loves ones.