A lot of people today have sunk into the debt right now. They are bothered by collection agencies and creditors and their finances under control. If this situation sounds familiar, you may have started thinking about filing for bankruptcy. The information in this article will help you figure out if this is an option for you.
If you have unmanageable debt, learn about the laws where you live. Each state has its own laws regarding bankruptcy. Some states may protect you home, and others do not. You should be familiar with the laws before filing.
Don’t fear reminding your lawyer specific details of your case. Don’t assume that he will remember something you told him again. This is your bankruptcy case, so don’t be scared to mention it.
The Bankruptcy Code contains a list of various assets considered exempt from being affected by bankruptcy. If you don’t heed that advice, you may be unpleasantly surprised sometime down the road if any of your most valued items are seized.
Be certain to speak with an attorney, himself, instead of a paralegal or assistant; those people aren’t allowed to give legal advice.
Understand the differences between Chapter 7 and a Chapter 13 bankruptcy. Take the time to learn about them extensively, and look at the advantages and disadvantages of each.If you are confused by what you find, talk to your attorney before making that serious decision.
Consider Chapter 13 bankruptcy is an option. If your source of income is regular and your unsecured debt is less than a quarter million, a Chapter 13 may be right for you. This plan normally lasts from three to five years, your unsecured debt will be discharged. Keep in mind that missed payments will trigger dismissal of your whole case to get dismissed.