Unfortunately, bankruptcy today is something that is becoming very common. The recession has hit many people very hard. You need to educate yourself so that you can make wise decisions when it comes to filing bankruptcy. Read this article to learn more about bankruptcy.
Be sure to bring anything up repeatedly if you are unsure if your lawyer is focusing on it. You cannot expect your lawyer to remember every important detail without some reminder from you. Ultimately, this is your bankruptcy and your financial future, so never hesitate to advocate on your behalf.
After you have declared bankruptcy, you may have a hard time being approved for unsecured credit. If you are in this situation, applying for a secured card may be the answer. This at least shows you are making an honest attempt at reestablishing your credit worthiness. After using a secured card for a certain amount of time, you might be offered an unsecured card once again.
Keep with what you have decided to do. Bankruptcy might help you get back things you thought you’d lost and had repossessed, such as electronics, vehicles and jewelry. You should be able to get your possessions back if they have been taken away from you within 90 days before you filed for bankruptcy. Get the advice of a qualified attorney who can advise you about ways to accomplish this.
Understand the differences between Chapter 7 and Chapter 13 bankruptcy. Under Chapter 7 type bankruptcy, all debts are forgiven. This includes creditors and your relationship with them will become no longer existent. Bankruptcy under the rules of Chapter 13, on the other hand, require you to work out a payment arrangement to pay back the agreed upon amounts. It’s crucial that you know the differences between all of the various kinds of bankruptcies so that you may choose the best option for your situation.
As mentioned earlier, because of the poor economy, bankruptcy filings are more common than ever. Apply what you’ve learned here today and make wise decisions about bankruptcy going forward.