Real Estate Appraisals for Bankruptcy
Are you ready for Bankruptcy?
Is bankruptcy inevitable? Liz Weston recently wrote an article in MSN Money Magazine, which caught our attention. Basically the article was about keeping on point during bankruptcy proceedings.
If you make a wrong move it can be very costly. There are no easy solutions and things can be very confusing. If think you will be filing for bankruptcy follow the steps below. We want to make things go as smooth as possible when it comes to the valuation of your home
1. Basically, there are two types of consumer bankruptcies:
• Chapter 7 liquidation, which wipes out credit card and most other unsecured debt,
• Chapter 13 reorganization, which allows you to keep more property but requires a
five-year repayment plan.
2. Leave your retirement accounts alone.
3. Who do you owe? Make a list with name and amount owed.
4. Not sure? Run a credit report, it will list the names and amounts.
5. Get ready for a ton of paper work! Take this list to your attorney.
6. Locate a experienced bankruptcy attorney.
7. Get started now. Take all paper work to your attorney.
8. I know this sounds crazy but Stop paying debts that are likely to be discharged. Your attorney
will help you.
9. Chapter 7 typically costs $1,500 or more. (filing fees, attorney's fee, appraisal) Chapter 13
typically cost twice as much
10. Cut up your credit cards.
11. Move cash if necessary.
12. Hey I know you want buy that new car, or a trip to the Italy DON'T!
13. Credit counseling is mandatory.
Steps to BANKRUPTCY?
Step 1 — CRACK OPEN THE INTERNET The internet is your open library with an abundance of information about bankruptcy. Where do you begin? Start with some simple Google searches. An
example would be “bankruptcy California” or ask Google a question. “Where to find a bankruptcy lawyer” I think you will be surprised with the number of hits
that these two searches produce. Read down through the lines. Did you notice some key words coming up? Bankruptcy, lawyer, Attorney, etc. Using these
terms filter down your next search. This will produce the resources you need to educate yourself about bankruptcy before contacting a lawyer. Bankruptcy is a
big decision so you should try to understand the bankruptcy process and the pros and cons of filing.
Step 2 — FIND A GOOD BANKRUPTCY ATTORNEY. Schedule a free consultation with a local bankruptcy attorney in your area.