Declaring BankruptcyAlthough declaring bankruptcy may be difficult, many people realize it is necessary. However, when you are armed with the right information, you will have the tools and knowledge to understand the bankruptcy process.

Do Not Give Up

Even if you have had personal property repossessed, you may be able to reclaim that property after filing bankruptcy. For example, if you had a car repossessed within 3 months of your bankruptcy filing, there is a chance you may be able to regain possession of your vehicle. An experienced bankruptcy attorney can advise you on your situation and help you fill out the proper paperwork if necessary.

Think About Why You Are Declaring Bankruptcy

Individuals who are filing personal bankruptcy should take some time to think about why you have decided to file bankruptcy. Many times, the main reason why a person files for bankruptcy is because of medical bills. Other reasons include the sudden loss of employment and bad spending decisions. You can discuss your specific situation with a bankruptcy attorney and find out if filing bankruptcy is the best choice for you.

Be Careful Of Paying Off Debts Prior To Filing

You should be careful if you decide to pay off some of your debt before filing bankruptcy. You should have a complete understanding of the laws regarding the payment of debt before you make any final decisions.

Consider Alternatives

You should never assume that bankruptcy is the only option for your financial situation. Credit counseling is also an option that few people consider. Some agencies can negotiate with your creditors and work to reduce your payments. You make your payments to the agency, and the agency repays your creditors.

Never Hide Assets

Your bankruptcy attorney must know about your financial information. Any information that is discovered to have been hidden by you may result in your case being dismissed, and it is considered by bankruptcy courts to be fraud.

Declaring bankruptcy may not be something that you want to do, but sometimes it is necessary for those who are having problems with debt. It is important to consult with a knowledgeable bankruptcy attorney before you move forward with your filing.

For more information about declaring bankruptcy and to get a free consultation, contact Douglas Jacobson Law Firm.