The option for bankruptcy? Get detailed answers to bankruptcy questions first!

By admin • Sep 13th, 2008 • Category: Bankruptcy

You may find yourself in such desperate financial condition that you truly feel there’s no way out, short of filing bankruptcy. There are surely cases where filing bankruptcy is your unsurpassed or only option. However, bankruptcy is a terrible situation which requires considerable research and thought before you proceed. Recent changes to bankruptcy laws have made it more difficult for an individual to file for bankruptcy. The law is quite complex and there are many caveats, which exclude certain types of debts from being discharged. For these reasons, you’ll require to get some straight answers to bankruptcy questions before you commit yourself in court. Let’s take a look at some situations that may apply to your case.

There are several types of debts which the court may not allow to be discharged in your bankruptcy filing. For example, if you have obtained a government funded or guaranteed loan for education, you will still be required to repay this debt. If you owe alimony or child support, the court won’t discharge this obligation. Certain debts owed for injuries or death as a result of a DUI will also stand after bankruptcy. In some cases, condominium fees you owe will also not be discharged. There are also tax claims which aren’t dischargeable. You can see that having all of these debts may make your bankruptcy meaningless. This list is certainly not total, so you’ll do well to consult an attorney or purely do some research on getting some of your answers to bankruptcy questions before you incur yet more debt.

If you have a criminal conviction, under title 18 of the United States criminal code, where you have been ordered to pay restitution, bankruptcy won’t help you. This debt will stand.

Many folks facing bankruptcy wrongly assume that they’re allowed to keep automobiles which are financed, as your transportation is essential. This is no longer true. If you have a couple of automobiles for your household which are financed, the lender has the right to repossess both vehicles. Bankruptcy will not safeguard you.

Here’s an alternative common, but startling answer to bankruptcy questions. If you’re paying a mortgage on your home, this debt also survives bankruptcy.

Your creditors have the right to competition you in a separate court proceeding on a debt which they feel they should be allowed to collect, regardless of the bankruptcy. They can sue you to corroborate their claim, costing you more money and the risk that you will be stuck with this debt.

If you’re considering bankruptcy, do your research and get all of your answers to bankruptcy questions, before you opt for filing. There are many other options that may well serve you superior.

Get more data about financial issues such as bankruptcy where you’ll find everything you need to know about the payday loan reviews and much more.

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