Free Bankruptcy Information

Bankruptcy is a very difficult decision for most as it requires a careful, objective analysis of your present financial situation. It’s not enough that you’re in debt and simply having financial trouble, one must realize that bankruptcy is a legal process and comes with long-lasting implications and sometimes negative effects. Surely, there may come a time when you feel at your lowest point, that there’s no way you can earn enough money to meet your financial obligations, and that you have no other option but to file for bankruptcy with the help of a bankruptcy attorney.  But, one must be fully informed that filing for bankruptcy is not without consequences, and that you need to prepare and educate yourself beforehand.

In order to be prepared for such a huge decision, you need to gather all the information you can so you can be sure that filing bankruptcy is indeed the right step to take. However, looking for accurate free bankruptcy information can be quite difficult as there’s a lot of false information out there, and as consulting with professionals and lawyers sometimes require that you pay for fees. So, to help you, here are some simple tips:

Search the Internet

Perhaps one of the easiest ways for you to obtain free bankruptcy information is through the help of the Internet. Information on almost anything these days can be easily found with the simple click of the button. There are many websites, such as Bankruptcy HQ, that are dedicated to helping people like you who are considering filing for bankruptcy. These websites can provide you with the relevant information on what kind of bankruptcy to declare, how to file it, and of course, how to successfully complete it. Information is power.

Ask your Accountant

If you have an accountant who helps you with your taxes, it may be wise to consult with him or her too. Your accountant is a professional who already knows your subjectives finances, and is likely to give you the free bankruptcy information which you can use to evaluate your decision. Ask them whether filing a bankruptcy is indeed your best option, and what it can do to save your continually depleting financial resources.

Learn from friends and family

Your friends and family are typically trustworthy resources, and they may also be very helpful when it comes to looking for free bankruptcy information. For all you know, they too have gone through the same financial difficulty that you are in, and seeking their advice on the matter can really be helpful. Ask them how they were able to successfully complete their bankruptcy as well as the step by step process that they took in order to do so. At the same time, inquire about any other legal actions they took and welcome their suggestions as it may really do your financial situation some good.

Seek media information

Many people gather free bankruptcy information by just watching the television or reading the newspaper. Television news shows often do segments or episodes on bankruptcy. These shows typically discuss the current bankruptcy trends and things that are important for people who are having financial troubles to know, as well as the legal action needed to take. Likewise, the financial sections of newspapers regularly have features and articles on bankruptcy. Keeping your eye open for these articles can benefit you in making the right decision when it comes to filing for bankruptcy.

Personal Bankruptcy Information

Educating oneself on personal bankruptcy information is essential for anyone who is considering filing for personal bankruptcy. While statistics do show that the number of people filing for personal bankruptcy has surged due to the economic downturn of the past few years, it’s imprudent to file for bankruptcy without the adequate amount of personal bankruptcy information. Knowing enough personal bankruptcy information can help you avoid encountering potential problems with your bankruptcy filing, and can help you go through the bankruptcy process more smoothly. In all, acquiring as much personal bankruptcy information as possible is an excellent option if you’re considering filing for bankruptcy.

Chapter 7 Bankruptcy

The specific personal bankruptcy information you need varies on a case-to-case basis and depends on your subjective situation. Most people have the mindset that bankruptcy should provide them a fresh start – that it will wipe out debts they owe. This complete type of bankruptcy is known as Chapter 7 bankruptcy. Also referred to as the “liquidation bankruptcy,” Chapter 7 bankruptcy clears you of all dischargeable debts, like credit cards and medical bills, but also may force you to surrender some of your possessions or property so they can be sold to repay your creditors. A bankruptcy attorney can assist with understanding this concept further. Because of this provision, Chapter 7 bankruptcy doesn’t always flow as smoothly as originally planned, but it is by far the most efficient way for most people to get a clean slate and a fresh start. Many people have the misconception that their debts are immediately cleared after the filing of a Chapter 7, which is not the case. One’s debts aren’t officially forgiven until a discharge is entered by the bankruptcy court.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is the second most commonly filed chapter of bankruptcy by consumers. Also known as the “reorganization bankruptcy”, Chapter 13 reorganizes your unresolved debt at the time of filing into one affordable monthly payment. It’s used by many to help save their homes from foreclosure. personal bankruptcy information on Chapter 13 is much more detailed and complex than Chapter 7. Most bankruptcy judges will not let you file a Chapter 13 without the assistance and representation of a lawyer, and the repayment plan must las five years in most instances. As mentioned above, the advantage to filing Chapter 13 is that you’re given the privilege to retain certain assets and property, such as your home, but still receive the protection of the bankruptcy court from your creditors.

Is Filing Bankruptcy Right for You?

Chapter 7 and Chapter 13 bankruptcy typically the only two options available to those to those who want to declare personal bankruptcy to deal with their financial problems. Once a bankruptcy has been filed, individuals are then protected by law from collection lawsuits and any other actions that creditors may take against them, such as wage garnishments. However, bankruptcy comes with a price – it’s commonly known to all that bankruptcy is a major dent to your credit report. It can remain on your credit report for seven to ten years, depending on the credit bureau.

Credit Counseling Sessions

To properly complete a personal bankruptcy, a pre-bankruptcy credit counseling session and pre-discharge debtor education session is required. These can typically be done online. The first course (pre-bankruptcy) is basically required to inform interested parties that they may have other options besides filing for bankruptcy.The sessions are helpful and also a great way to garner basic personal bankruptcy information and other financial advice, providing people information on the best ways to handle their finances post-bankruptcy completion.

Rates for both sessions are around $50 each, and if you plan on having the fee waived due to financial hardship – you must secure a fee waiver before sessions start. Both credit counseling sessions are required for all individuals and married couples filing for bankruptcy, and certificates are issued as proof that the counselings were completed.

After your bankruptcy has been filed, you must then obtain your post-bankruptcy “debtor education” counseling certificate. These sessions can also be done in person as well as online or possibly over the phone. The purpose of the post-bankruptcy session is to help you work on developing budgets and managing money. While you may not have sterling credit after filing a bankruptcy, you’ll still be educated on using credit wisely.

Knowing the proper information when deciding whether to file for personal bankruptcy can help you make the right decision. For more personal bankruptcy information, be sure to explore bankruptcyhq.com.

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