Often quite extensive, filing for bankruptcy is very rarely any sort of easy process. In fact, many people handling foreclosure proceedings run into some serious problems when they begin working on their claim. Even though it is true that a person who chooses to file for bankruptcy will be able to receive some legal protection, that does not mean that it is any less important to learn as much as is possible regarding the in depth process of filing for bankruptcy.
Remember that bankruptcy should only be turned to as an absolute last option. This is because bankruptcy will affect your credit in a seriously bad way for up to ten years.
Types Of Bankruptcy
If you have come to the conclusion that you will have to file for bankruptcy, you will need to determine which of two types of bankruptcy to file under. Which you choose will affect how you file as well as what happens as a result of your filing.
As an individual, you may learn that filing for chapter seven bankruptcies is the most popular option, while another option available is to file for chapter thirteen bankruptcies, and that because BAPCPA has more or less discouraged individuals from filing for chapter seven bankruptcies, you may be forced into filing for chapter thirteen bankruptcies instead.
It is also important to do thorough investigation on the various aspects of bankruptcy if you are seriously contemplating filing. Even though it might not be the most appealing choice, hiring a legal professional to assist you in the bankruptcy process may help you handle things in the best possible way. You should also investigate which lawyer or law firm you want to work with before making a choice.
After deciding which lawyer you are going to be working in conjunction with, speak with them about which chapter bankruptcy is right for you to file under. You need to know exactly what costs will be involved in your claiming bankruptcy. Besides the fees your lawyer will charge you, you will incur fees and charges related to the filing process.
Once you have spoken with your lawyer, make sure that all of your creditors understand that you have hired legal counsel and that their calls and questions should be directed to your attorney. This will prevent any creditors from getting in touch with you regarding debt after you file for bankruptcy.
Remember that bankruptcy should only be turned to as an absolute last option. This is because bankruptcy will affect your credit in a seriously bad way for up to ten years.
Types Of Bankruptcy
If you have come to the conclusion that you will have to file for bankruptcy, you will need to determine which of two types of bankruptcy to file under. Which you choose will affect how you file as well as what happens as a result of your filing.
As an individual, you may learn that filing for chapter seven bankruptcies is the most popular option, while another option available is to file for chapter thirteen bankruptcies, and that because BAPCPA has more or less discouraged individuals from filing for chapter seven bankruptcies, you may be forced into filing for chapter thirteen bankruptcies instead.
It is also important to do thorough investigation on the various aspects of bankruptcy if you are seriously contemplating filing. Even though it might not be the most appealing choice, hiring a legal professional to assist you in the bankruptcy process may help you handle things in the best possible way. You should also investigate which lawyer or law firm you want to work with before making a choice.
After deciding which lawyer you are going to be working in conjunction with, speak with them about which chapter bankruptcy is right for you to file under. You need to know exactly what costs will be involved in your claiming bankruptcy. Besides the fees your lawyer will charge you, you will incur fees and charges related to the filing process.
Once you have spoken with your lawyer, make sure that all of your creditors understand that you have hired legal counsel and that their calls and questions should be directed to your attorney. This will prevent any creditors from getting in touch with you regarding debt after you file for bankruptcy.
About the Author:
Know how credit card reduction services can affect your credit score? There are some things you need to know before you use these debt reduction services. Learn what you need to know on the Debt Smackdown website at http://www.debtsmackdown.com
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