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The primary catalyst for filing personal bankruptcy is having a large amount of debt that can't be readily repaid. If you have unmanageable debt, you need to familiarize yourself with regional bankruptcy laws. When it comes to bankruptcy, states have varying laws. For instance, some states protect you from losing your home in a bankruptcy, but others do not. Be aware of bankruptcy laws before filing your claim.
Once the bankruptcy is complete, you may find it difficult to receive unsecured credit. This being the case, look at secured card options. Using a secured card not only helps to rebuild your credit, but it also keeps you from going more in debt with credit card bills. If you pay your secured card off on time, you'll eventually find that companies will start offering you unsecured credit.
Consider all options before deciding to file for personal bankruptcy. Debt advisors are one of the many other avenues you can consider. Your credit score will be forever effected by bankruptcy, which is why you should do everything else in your power to resolve matters first.
Instead of relying on random selections from the phone book or Internet, ask around and get personal recommendations. There are so many dime-a-dozen companies out there who make it a practice of preying on financial desperation. You need to make sure your bankruptcy goes smoothly, so find someone you know you can trust.
Don't file for bankruptcy until your represented by an attorney. There are a lot of things to do during bankruptcy and that may be hard for you to understand on your own. An attorney will make sure that everything is being done correctly.
There are two types of bankruptcy filing, Chapter 7 and Chapter 13 so make sure you know the differences. Chapter 7, for example, will wipe away every one of your outstanding debts. All of your financial ties to the people you owe money to will disappear. With a Chapter 13 bankruptcy, you will have to make payments for 5 years before the debts are forgiven. To make the wisest choice, you will need to understand the consequences of each of these two options.
Always weigh your options carefully prior to deciding to dive head first into filing a bankruptcy claim. Those with smaller debts may find use in a program for consumer credit counseling. It is also possible to do your own debt negotiations; however, be sure to get everything in writing.
Do not forget to list each and every debt you have. Overlooking any information can result in a delayed or rejected petition. Even small amounts of money contribute to your overall financial picture, so do not exclude them. Include all jobs, assets and loans.Even though you may have filed for bankruptcy, you hopefully realize that it does not doom your forever. Lenders will look more favorably upon you if you show them that you are trying to save money and make whatever payments you can. So implement a savings program, and watch how much it helps you when you need to apply for a home or car loan.
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