Article by Samanta Parks/Foreclosure Data Online
People who don’t have a clear understanding of bankruptcy will suffer because they will not consider it as a helpful model of solving their problem. Here are some helpful guides for you to know how bankruptcy works:
1. You need to give complete lists of your property and assets when filing for bankruptcy. This is just to make sure that you will not have problems along the way. A lot of people worry a lot regarding bankruptcy because they are thinking that the court will take away everything from them. What you don’t know is that the court will do nothing with your belongings if you will just submit complete documents that are asked of you. All the listed items the court will get from you will be protected under the law so you don’t have to worry about those things because it will not be taken away from you.
2. You need to be prepared for a credit report that is messy. When you file for bankruptcy will not be a solution to solve your bad credit rating. if you have a bad credit standing, it will remain the same so you don’t have to believe myths that say bankruptcy may also cover and polish your credit score because it won’t be helpful. You also need to be prepared because bankruptcy will be on your credit record for more than 7 years and may last up to 10 years depending on the severity of the debts you also have. This is the reason why a lot of people are so scared to declare bankruptcy too.
3. Lies may lead to case dismissal – you need to be sure you are on the right track before you decide to push through with bankruptcy because, in the case of lying before the court, you will be punished or may lead to dismissal of the case which you don’t want to happen in the first place. Before filing for bankruptcy, you need to make sure that all the documents you have are authentic and you need to make sure that what is written there are true. You need to hire a bankruptcy lawyer along the way to help you get started with the process. He will not just represent you in court but he will also prepare you for the process you must go through.
4. Avoid having new debts because it will not be helpful. It will just worsen the scenario
Carolyn Secor is a Clearwater bankruptcy attorney and Clearwater foreclosure attorney serving Palm Harbor, New Port Richey, Oldsmar, Tarpon Springs, Seminole, St. Petersburg, and the Tampa Bay area.