Declaring bankruptcy is never something you want to do. There are many consequences that you have to think long and hard about before doing so. However, you can still file for bankruptcy with dignity. All it takes is having the right legal guidance throughout the process. Knowing your rights can help you get through bankruptcy with your head held relatively high.
Chapter 7 Or Chapter 13
Filing for Chapter 7 bankruptcy allows you to completely discharge your unsecured debt. It may also allow you to get out of making payments on secured debts. What you are doing is liquidating your debt as a means to repay creditors. They cannot take any more than the value of your assets.
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Chapter 13 bankruptcy involves a restructuring of your debt. You make payments on secured debts only up to the amount your assets would be valued at. Most debtors only have to make payments to creditors for a maximum of 60 months.
Know What Creditors Cannot Get To
State and federal guidelines limit the types of property your creditors can seize. This is where having a good lawyer is going to help you out.
Your home and car are generally protected from being seized by creditors. These items are protected because a debtor still needs a roof and a ride to work. Retirement savings as well as items used in a business are exempt as well.
Keep in mind that you are only protected up to a certain dollar amount. A judge may determine what standard you are able to live up to while repaying your debt.
How To Get A Favorable Ruling In Court
Establishing a hardship based on a medical condition may get more sympathy than someone who simply spent too much money on clothes. A job loss will not be looked upon favorably if you cannot establish an intent to find a new job.
Documenting your attempts to settle any of your larger debts will be useful. Those documents will prove that you at least tried to avoid bankruptcy. Judges understand that not everyone seeking bankruptcy protection is looking for an easy way out.
Filing for bankruptcy protection can be hard. However, you don't need to feel bad about doing so. There are many instances when a responsible person may need to file for bankruptcy. Get a good lawyer, know what is exempt from seizure and show that you tried to avoid bankruptcy. Doing all these things can get you through your case with your dignity intact.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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