Bankruptcy Filing Tips
If you are looking to wipe out as much of your debt as possible as fast as you can, then you should consider filing for chapter 7 bankruptcy. One thing that you need to consider prior to filing chapter 7 bankruptcy is how much of your debt has co-signers involved? When someone co-signs for you they are agreeing to pay the amount if you are unable to pay. Chapter 7 bankruptcy does not protect the co-singer. If you are filing for bankruptcy and you chose to file chapter 7, then you need to let those people who co-signed for you what is going on so they too can be prepared.
When you are thinking of filing for bankruptcy you should know of the debt that it will not clear away. Taxes, student loans, fraudulent debt, alimony payments, and child support are all debts that will not go away with bankruptcy. Certain court judgments, debts that were not listed on your bankruptcy petition and debts that took on after you filed for chapter 13 bankruptcy are all additional debts that you cannot have taken away when you file for bankruptcy.
You will need to figure out if you want to file chapter 7 or chapter 13 bankruptcy. Everyone’s situation is different therefore you have to figure out which is best for you. Talk with your financial advisor or whoever is helping you with your bankruptcy on which one is best for you.
Getting over bankruptcy takes a lot of time and patients. It is okay for it to take time though. You got into financial trouble before and you want to make sure that you take the time to make sure you get it right this time. It is important for your financial future to get your finances in order. There is no reason that you should have to go through bankruptcy again. Take some steps as you work to get your financial standing back after bankruptcy so that you do not have to deal with going through it again.