Declaring Yourself Bankrupt - What You Need to Do


Are you having credit card woes? Are you having trouble with debt collectors and debt consolidation? A lot of Americans have accumulated excessive debts, which can be attributed to unrestrained expenditure and lack of financial discipline (although there are instances when this is hard to prevent, such as when we're faced with medical emergencies and don't have the necessary medical insurance.)

When such things happen, you must weigh your options wisely. You should seek help from a lawyer and/or financial adviser. However, if cash is really tight and you're unable to get such services, then you must arm yourself with the proper information regarding such problems. Study and read about the things that you can do to work around and solve your problem. This can help you decide the necessary steps you can take to solve your problems.

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Consult with a lawyer and get his professional opinion. You must find a way of settling your obligations in a few years. See if you can sacrifice some luxuries to settle your debts. If even this isn't enough, then bankruptcy may be the best option.

Hiring a lawyer is pricey, but indispensable. The bankruptcy code is complex (and has recently become even more complicated due to changes made by Congress), and you'll need a legal expert to help analyze it. On the good side, if your lawyer is able to get rid of your debt, then it means you'll be able to afford the legal fees in the future.

Once you file for bankruptcy, you immediately get an automatic stay. This means that your creditors won't be allowed to contact you until the bankruptcy is resolved. This gives you time and some peace of mind to focus on the process. The new bankruptcy law obliges you to undertake financial management lessons. The law also demands for a more thorough documentation of your earnings and expenses.

Essentially, you must be able to prove that you're unable to settle your bills with your existing income. When you're earning lower than the average State income, the process will be faster because it's easy to prove that you are indeed strapped for cash.

Nonetheless you must keep in mind that bankruptcy doesn't cover obligations as student loans and federal income tax. This gives you a basic understanding of bankruptcy, but you must still discuss the nitty-gritty with your lawyer.


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