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Four Things to Know Before Filing for Bankruptcy

Four Things to Know Before Filing for Bankruptcy
"""There are a number of causes why individuals declare bankruptcy. Some because they lost their jobs or contracted an unforeseen illness. Others because they have merely overcommitted themselves and require a new beginning. Regardless of your motivation, it is crucial that you have a rudimentary understanding of bankruptcy. Here we go then. Here are four things you need to know prior to filing for bankruptcy.

You must list all of your debts - When you file for bankruptcy, you must list all of your debts. It makes no difference whether it is current or not. It must be enumerated. Do not deliberately abandon creditors. It is illegal and can have negative consequences.

You must enumerate all properties and assets; however, the majority of your assets are exempt from seizure by the court during the bankruptcy process. However, they cannot be protected if they are not listed. Ensure that you list all of your assets and properties. It is illegal to refuse.

Continue making payments on all secured property you wish to keep - You must continue making payments on all secured property you wish to keep, such as a house, vehicle, or furniture.

Everyone attempting to collect a debt from you must cease - The instant you file your petition, creditors are prohibited from contacting you in an attempt to collect a debt. If a debt is discharged, the creditor cannot contact you again.

There are numerous factors you must understand before filing for bankruptcy. Perform research to ensure that you comprehend the procedure before moving forward. A chapter 13 case may be dismissed at any time, whereas a chapter 7 case requires court approval to be dismissed. Therefore, prior to engaging in an activity, ensure that you have a thorough understanding of the situation.""

" - https://www.affordablecebu.com/

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"Four Things to Know Before Filing for Bankruptcy" was written by Mary under the Finance / Wealth category. It has been read 120 times and generated 0 comments. The article was created on and updated on 02 June 2023.
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