The most important tenet of bankruptcy law is to first exhaust all other possibilities before applying. There are many things you can do to avoid this fate. Some people just become so overwhelmed by debt that they begin looking into going bankrupt to find some sort of quick and instant relief from their worries. While it may provide a brief sense of freedom, your credit will be marred for many years to come. Many important milestones, such as purchasing a car, house, or even just renting one will become extremely difficult and frustrating.
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In the US, before you can even file, under bankruptcy law you must go through credit counseling first in order to learn how to reorganize and take better responsibility for your finances. During this process, some people may discover that they can handle their debt load by making some lifestyle changes, thus avoiding filing. Sacrifices must also be made in order for you to regain financial independence. These may include selling off some valuable assets that you no longer need or use, tightening budgets and eliminating enjoyable but unnecessary activities, and taking up extra work such as a part-time or freelance job.
If you've had credit counseling and still cannot find viable solutions to eliminating your current debt load, it is probably time to go forth with the filing. At this point, you'll have to make the decision whether or not to hire an attorney. There will be fees involved, which may seem counterintuitive when you have little money, however, they can often help you protect many of your assets and ensure all possible debt eliminations are made.
Two main chapters which most people file under are 13 and 7. In years past, chapter 7, which is total liquidation and thought to be the fastest and simplest, was easily attainable by most individuals. Recently, bankruptcy law has changed and now people are required to pass a means test or else face filing for chapter 13, which is considerably more complex and requires a repayment plan. Hiring a qualified lawyer can help you file under the bankruptcy law which is most convenient and suitable for your current lifestyle and future financial goals.
If you are filing under either chapter 13 or 7, be sure to immediately stop creating more debt. There are limits on how often you can file and continuing to rack up credit card or other bills you cannot pay could end up in a discharged debt being reinstated. Work with your attorney to create a manageable budget and plan of action to help you move forward rather than returning to your bad habits. Watch for companies that claim they can repair your credit or consolidate bills. Many of these feed on the weak and can't deliver on their promises, harming your credit even more.
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