Bankruptcy Tips For Helping You Survive Successfully

Bankruptcy is a decision that should be thoroughly thought about. Check out the advice given in this article so that you can have an idea of what you can expect before you make such an important decision. Become as educated as possible.

After your bankruptcy has been discharged, or finalized, a good way to begin re-building your credit is to obtain a pre-paid credit card. This type of card is usually available at your local bank. The card is secured by the amount of money you load onto it. You can not charge more than what you have loaded onto the card, so over-spending shouldn't be a problem. It works like a regular credit card, with monthly statements and payments. After you have kept this card in good standing for a period of time, you may be able to have it switched into a regular, revolving credit card.

Meet with a few attorneys who offer free consultations before hiring one. It is important to meet with the actual attorney, not the attorney's assistant or paralegal; those people are not permitted to give legal advice Hiring a lawyer could help you become comfortable with the legal things that you will encounter.

Find out if you can use Chapter 13 bankruptcy, as it may help you better than the other laws. You are eligible to file Chapter 13 bankruptcy if your income is reliable and your unsecured debt does not exceed $250,000. This lets you keep any real estate and personal property while you repay all your debts through a consolidation program. Typically, any plan you develop will last around 3-5 years. Afterwards, any remaining unsecured debts will be discharged. However, if you miss even one payment, the court will dismiss your entire case.

Bankruptcy is not a chance happening in anyone's life. Many things have to be done properly. Take advantage of the advice in this article, and make sure everything you have is in order. With bankruptcy, you can't be too careful.