How to Survive Bankruptcy

How to Survive Bankruptcy

Are you wondering how to survive bankruptcy? A common misconception is that bankruptcy is going to ruin your life. In fact, it might be the best step you can take to changing your life for the better.

How to Survive Bankruptcy | The Dos and Don’ts of Bankruptcy

When considering filing for bankruptcy, people often wonder what they should or shouldn’t do. The first thing they should do is seek the advice of a legal professional because only a bankruptcy attorney can accurately evaluate your specific situation and tell you what actions you should and shouldn’t take. There are certain things, though, that you should definitely not do as you’re considering a bankruptcy.

Number one, do not transfer ownership of any property or give property away. Doing so can cause issues that have a serious impact in your bankruptcy. Another thing you should not do is repay your relatives or friends any money that you owe. That may seem a little counterintuitive, but it is another thing that can have a large impact on your bankruptcy.

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How to Survive Bankruptcy | Hire an Attorney

People sometimes ask me, “Do I need an attorney to file for bankruptcy?” Technically, the answer is no; however; practically speaking, the true answer is yes. Whether you retain my office or that of another attorney, once you decide that you are definitely filing for bankruptcy, please seek the experienced help of legal counsel. If you file on your own and do not fully understand the law, you could be susceptible to many very harsh consequences. You may lose property. You may forfeit your right to obtain a bankruptcy discharge. Failure to provide all of the necessary information correctly could even subject you to prosecution by the US Trustee’s Office and the FBI.

How to Survive Bankruptcy | Reaffirming Debt

Sometimes in the course of a bankruptcy, a secured creditor – such as your mortgage holder or the owner of your car loan – may ask that you sign a reaffirmation agreement. A reaffirmation agreement basically means that you continue to owe the debt after bankruptcy just as you did before bankruptcy. For such large items as cars and houses, you may have to enter into a reaffirmation agreement if you want to keep them.

If you want more tips on how to survive bankruptcy, please call our Buffalo debt relief lawyers today. We are happy to answer any questions that you may have.

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