Sometimes a person filing for bankruptcy will think it's not necessary to tell their bankruptcy attorney everything. They will decide which facts and financial information for bankruptcy attorney needs to hear. In the case of filing bankruptcy, less is not more, the bankruptcy attorney should be bombarded with all the information regarding a person's financial history. The attorney should be the one that decides whether the information is important or not. Failing to share something with the legal counsel and end up with a loss of the bankruptcy discharge.
When it comes to bankruptcy filing, honesty is of utmost importance. Many people think they don't need to list all of their creditors as if they pick and choose which people to file bankruptcy on. It is required under the bankruptcy code to list all of one's creditors.
One benefit of filing bankruptcy is the automatic stay. Initially, many people don't even think about it until the petition is filed and realize the benefits and the power the stay wields. Once the bankruptcy petition is filed the automatic stay goes into place and creditors can no longer collect or even contact an individual about their debts. Having the peace of mind that when the phone rings it won't be an aggressive creditor on the other end asking for money. This in itself will alleviate a lot of stress.
In this case, handle the situation with as much candor and honesty as possible. Treat the interview as an opportunity to explain the circumstances of your bankruptcy filing, something which a credit report cannot do. If you have taken steps to address the events surrounding your bankruptcy, mention those as well. It is crucial that a potential employer sees you as a mature and responsible individual who learns from past mistakes and can take concrete steps to move forward in a positive direction.
Once again, all of the individual's property becomes part of the bankruptcy estate and everything needs to be listed. A person will not need to list five pairs of socks worth five dollars, but they will need to list their entire wardrobe as a whole with an estimated replacement value, taking into consideration the age and the condition. Most of the time the attorney will tell the individual to use swap meet prices. Stop worrying about the outcome, the bankruptcy attorney will know how to protect the maximum amount of property using bankruptcy exemption laws.
Lastly, sitting down and creating a financial plan for the future will uplift someone's spirits. Many people exit the bankruptcy discharge being virtually debt-free. Although they might not have credit for a while, this is a pretty powerful statement. Knowing that all of their debt is completely wiped out and they have a chance at a fresh start should make anybody ecstatic. It's important to remember that credit will return in due time and the bankruptcy will be far in the rear view mirror.
The author is a professional that formed FilingBankruptcyPros.Com which provides information for debtors considering filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy and helps individuals stop foreclosure and eliminate their debt by putting them in touch with a local bankruptcy attorney.
When it comes to bankruptcy filing, honesty is of utmost importance. Many people think they don't need to list all of their creditors as if they pick and choose which people to file bankruptcy on. It is required under the bankruptcy code to list all of one's creditors.
One benefit of filing bankruptcy is the automatic stay. Initially, many people don't even think about it until the petition is filed and realize the benefits and the power the stay wields. Once the bankruptcy petition is filed the automatic stay goes into place and creditors can no longer collect or even contact an individual about their debts. Having the peace of mind that when the phone rings it won't be an aggressive creditor on the other end asking for money. This in itself will alleviate a lot of stress.
In this case, handle the situation with as much candor and honesty as possible. Treat the interview as an opportunity to explain the circumstances of your bankruptcy filing, something which a credit report cannot do. If you have taken steps to address the events surrounding your bankruptcy, mention those as well. It is crucial that a potential employer sees you as a mature and responsible individual who learns from past mistakes and can take concrete steps to move forward in a positive direction.
Once again, all of the individual's property becomes part of the bankruptcy estate and everything needs to be listed. A person will not need to list five pairs of socks worth five dollars, but they will need to list their entire wardrobe as a whole with an estimated replacement value, taking into consideration the age and the condition. Most of the time the attorney will tell the individual to use swap meet prices. Stop worrying about the outcome, the bankruptcy attorney will know how to protect the maximum amount of property using bankruptcy exemption laws.
Lastly, sitting down and creating a financial plan for the future will uplift someone's spirits. Many people exit the bankruptcy discharge being virtually debt-free. Although they might not have credit for a while, this is a pretty powerful statement. Knowing that all of their debt is completely wiped out and they have a chance at a fresh start should make anybody ecstatic. It's important to remember that credit will return in due time and the bankruptcy will be far in the rear view mirror.
The author is a professional that formed FilingBankruptcyPros.Com which provides information for debtors considering filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy and helps individuals stop foreclosure and eliminate their debt by putting them in touch with a local bankruptcy attorney.
About the Author:
This contributor is very knowledgeable about personal bankruptcy. Please have a look at their web site to learn more.
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