Bankruptcy is a commonly known word that will relieve you of some or all of your debt. If you are facing a possible bankruptcy and have items that you don’t or can’t see yourself getting rid of, then this article is for you. I will show you how you can file a bankruptcy procedure without loosing all of your assets.
Discuss With A Bankruptcy Lawyer
The first thing that you should do if you are considering bankruptcy is to talk to a bankruptcy lawyer so that you will know all of your rights and how the procedure will fall into play. A bankruptcy attorney will know how to get you on the right foot to filing the procedures and what all is required of you once the process gets going. There will be a few things that you will need to do before the procedure goes into affect. Some of these procedures may require you to take a class or two and get all of your documents together.
Get to know your assets and learn what the difference is between personal and business assets. When you go in for your initial consultation with the attorney, they will explain everything to you and what is allowed to be added on the bankruptcy and what is not allowed. There will be certain things that you will be able to keep such as clothing, a vehicle, your home; these are all items that you will want to talk about with your attorney to see how much you will be able to keep.
In most cases, you will be able to file bankruptcy on part of your debt and keep things like a new vehicle as long as you are willing to pay it. Keep in mind that you can only file bankruptcy once every few years depending on the type of bankruptcy that you file so you want to make sure that you take advantage of all the debt relief that it can offer you.
If you do decide to keep certain things, you may still be eligible to file a Chapter 7 Bankruptcy. If you file a Chapter 13, you could possibly keep most of your items and continue to pay them off if your debtors will allow for this.
Support groups are also a big help when it comes to filing bankruptcy. Support groups can offer valuable information that you may have not known about and it will give you the opportunity to ask questions about the bankruptcy procedure.
If you happen to run into questions and you still need help, consult with your bankruptcy attorney and if you do not have an attorney, most of them will offer you a free consultation which will allow for you to get a price estimate and to ask questions.