These are just a few reasons why filing for a bankruptcy can be useful. However, before filing for a personal bankruptcy you need to consult an experienced bankruptcy attorney. An experienced attorney will tell you the differences between chapter 13 and a Chapter 7 bankruptcy and be able to advise you if bankruptcy is even necessary. So, see a lawyer before you make any decision upon whether or not to file for bankruptcy.
Steps to Take Before Filing for a Personal Bankruptcy
Filing for a personal Bankruptcy is a not something that should be taken lightly. Filing a personal bankruptcy can make it tough for you to get credit, buy a house, hinder your ability get certain jobs, and even raise your auto insurance rates. So, you need to think long and hard about filing for bankruptcy. Please do not get me wrong. Bankruptcy can be a valuable option for solving your financial woes. But, bankruptcy is not something that should be rushed into. The following are my recommendations for items that you should look into before making the decision on whether or not to file for a persona bankruptcy.
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Go to Credit Counseling- Under the 2005 Bankruptcy laws a debtor is required to undergo credit counseling before they file for personal bankruptcy. This credit counseling class can be taken online and is mostly seen as a formality. However, you should use this class to help you decide whether or not bankruptcy is right for you.
Get A Second Opinion- Before you file for bankruptcy get a second opinion from several lawyers and other financial professionals. The vast majority of all bankruptcy attorneys will give you a free consultation. So, you can not use cost as an excuse for not getting a second opinion. Furthermore, I would recommend that you talk to an accountant or other professional who will be able to advise you on the likelihood of you getting out of debt without having to file for bankruptcy.
Talk to the Credit Card Companies- Credit card companies and other creditors will often give you a discount on any past owed debts. You can often get up to 70% off of your total owed. Additionally, creditors may also provide you with reduced payments. Basically, the creditors will realize that it is in there best interests to accept something rather than nothing. So, if you have the opportunity you should attempt to negotiate down your debt.
Can You Save Your House By Other Means- A Chapter 13 bankruptcy may allow you to save your home from being foreclosed upon. But, you maybe able to save your house by other means. First of all, you should look into loan modifications. For example, under the federal HAMP program you get your mortgage payments down to 31% of your gross monthly income. Additionally, through negotiations, you may be able to have the past due amount put on the end of your loan.
As always before filing for bankruptcy, or any major legal decision, you need to seek the advise of a an experienced bankruptcy lawyer. Do not be cheap go to a lawyer. After all, for a medical procedure you would hopefully not, in an attempt to save money, get surgery from a medical assistant.
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