You can evaluate the actual repercussions of filing for bankruptcy by meeting with a credit card counselor and compiling a complete list of your liabilities and assets. Numerous businesses are available to inform you of the benefits and drawbacks of declaring bankruptcy and to recommend what they believe to be your best course of action.
Consultation with a bankruptcy attorney is also beneficial. If you decide to file for bankruptcy, bankruptcy attorneys may charge a modest consultation fee, but they will provide you with up-to-date information on the laws and information you will need to deal with. Use your meeting with the attorney to pose a number of questions and address your concerns regarding bankruptcy filing.
You must have a thorough understanding of the types of bankruptcy you can file. Chapter 7 of the bankruptcy code discharges nearly all allowable debt, but you may be required to undergo tests to demonstrate that your income is significantly below the minimum level. If you earn too much money, you must file for chapter 13 bankruptcy, which is essentially a repayment plan. Filing for bankruptcy under Chapter 13 will also allow you to eliminate a substantial portion of your outstanding debts, but you will be required to adhere to a repayment plan.
You must understand that declaring bankruptcy may result in the loss of your residence and possessions. Although some states allow you to keep a certain amount of equity in your car, property, and other assets, if you have more equity than is permitted, the court may appoint trustees to liquidate the non-exempt assets. You must determine whether it is worthwhile to sacrifice a few possessions in order to completely eliminate your debt. Keeping these factors in mind will assist you in making the best decision.""
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