If you are strongly considering filing for chapter 7 bankruptcy, you should know that preparation is important. The steps you take prior to filing can have a huge impact on your exemptions and the property you must surrender. Every state allows you to do some pre-bankruptcy planning, as long as you carefully follow the rules. Read on for how to best prepare for filing bankruptcy.
Your State's Exemptions
Each state has their own rules about exemptions, which is the property that you own that may be left out of the bankruptcy and is not subject to surrender.
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Chapter 7 bankruptcy can be a big step, but it can be a great way to have your debts discharged so that you can take control of your finances once again. However, there are some common mistakes that you can make that can prevent you from getting approved by a judge. Make sure that you avoid these three things if you are planning on filing bankruptcy.
1. Paying Back Family Members or Favorite Creditors
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Many people are looking into chapter 7 bankruptcy as a viable way for them to be discharged of their debts. If you are swimming in debt, you might be wondering what you can do, if anything, to find relief. Luckily, chapter 7 bankruptcy may be an option for you. Here are a couple things you need to know.
Will I Lose My House If I Declare Bankruptcy?
This is a very difficult question to answer because it applies differently to each individual situation.
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