Tag Archives: Bankruptcy

Things You Should Know When Declaring Bankruptcy

Things You Should Know When Declaring Bankruptcy

The decision to file personal bankruptcy is never an easy one. However, it can be the key to ensuring a sound financial future for many who have suffered significant setbacks. By familiarizing yourself with the process of filing a petition and learning everything you can about the dischargeability of particular types of debts, you can begin to recover financial independence. Use the tips in this article to begin the process today.

If you need to file for bankruptcy, you need to list all of your creditors. Do not leave any of them off or you could be liable for the remainder of balances for creditors which are not reported. Take the time to get a credit report so you can compile a complete list of all creditors before you file. You could end up in debt after you file if you do not.

After a bankruptcy, you may not be able to receive any credit cards. If this happens, instead you should turn your attention to secured credit cards. This will show people that you are serious about getting your credit record back in order. After a certain time, you will then be able to acquire credit cards that are unsecured.

Start planning for your life after bankruptcy now. The entire process can be very overwhelming, and leave you feeling like you have few to little options. You begin rebuilding your financial future right away. Get solid advice from trusted sources, be prepared to work hard at it, and most importantly, don’t be afraid to dream again! Read More →

The Top Bankruptcy Tips You Cannot File Without

The Top Bankruptcy Tips You Cannot File Without

If you have a lot of debt and are about to file for bankruptcy, then don’t fret anymore. The Internet has a lot of advice for you about how to avoid things like bankruptcy. Continue on for some excellent tips that will help you avoid filing for bankruptcy.

Don’t be afraid to apply for credit for purchases such as a new home or car just because you have a recently discharged bankruptcy. Many lenders will take your new financial situation into account. They may be more likely to loan money to someone who has no debt due to a bankruptcy than to the person with, say, 75,000 dollars in credit card debt. The fact that you have no monthly credit card payments can make you look like a better risk.

Do your research before choosing a bankruptcy lawyer. Take advantage of free consultations, and meet with several different lawyers before picking one to work with. Make sure that you choose an experienced attorney who is knowledgeable about the local laws, the preferences of trustees, and has a good working relationship with local judges.

Do not get an attorney for your bankruptcy when you are feeling overwhelmed. You have got to be levelheaded when you hire a lawyer. After all, you will be expected to pay him/her for services. Find out upfront what you will have to pay any lawyer before you hire one.

In any personal bankruptcy filing, it is essential to make certain to list all elements of your financial life in your petition and other paperwork. Failing to include all income sources or omitting individual debts and accounts can lead to substantial problems down the road that can limit the dischargeability of some of your most substantial obligations. Read More →

When Is The Right Time To File Personal Bankruptcy?

When Is The Right Time To File Personal Bankruptcy?

Nobody thinks as a child, “I want to be filing for bankruptcy when I grow up,” but it happens to the best of us, especially in this economy. Don’t get down, get educated! The following article will provide you with some very useful tips on getting through and getting over personal bankruptcy.

Knowledge is power when you’re considering bankrupcy; there are many websites available to help you. The United States Some valuable resources include the U.S. Dept of Justice and American Bankruptcy Institute. By having more knowledge, you can make the right decision, as well as be sure you are ensuring that your personal bankruptcy case goes smoothly.

A huge mistake people make before filing for bankruptcy is maxing out their credit cards. This can lead to disaster when you file and the credit card companies might not discharge the debt. If you can, you need to stop using your credit cards at least six months before you file, and ideally for a year prior. Also, do your best to pay the minimum payments on these cards for at least six months before you file.

If you can, keep some of your debt out of your bankruptcy. Work on paying down this debt yourself, or especially if you can negotiate a lower rate or new payment terms. This will help to preserve your credit rating, to some extent, because bankruptcy itself will do a number on your score. Read More →

Why You Can File For Bankruptcy And Get Out Of Financial Trouble

Why You Can File For Bankruptcy And Get Out Of Financial Trouble

With the ongoing economical turmoil in the world, more and more people are considering personal bankruptcy as a viable option. It can be the only way to hold on to your home, car and other valuables. Sometimes, it is the only lifeline you have. The following article will explain personal bankruptcy and the options it may hold for you.

Personal bankruptcy should be a last resort if you’re in insolvency. This is due to the fact that it will take years for the bankruptcy to work off your credit report and new law changes make it harder to escape paying the debts off. In other words, you could have bankruptcy on your credit report and still be paying off several of your debts.

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.

Be safe and hire an attorney for help. There are many websites these days that claim to walk you through the process of filing bankruptcy on your own. It is cheaper than using an attorney to get you through this time, but it leaves a lot of room for error. This is not something that you want to take chances on. Read More →

Top Tips For Anyone Thinking About Bankruptcy

Top Tips For Anyone Thinking About Bankruptcy

There are many emotions experienced by those going through personal bankruptcy. People who experience this process are always worrying about how to take care of their debts. By reading this article, you will soon realize that bankruptcy is not the end of the road for your financial future.

Get a plan in place for after your bankruptcy is over. Your debt will be forgiven, but you have to find a way to make sure that your financial picture will recover. Set definite goals so that you are always working toward a financial future that will never get you in this position again.

Make sure that you have all of your financial paperwork with you when, you go to meet with your attorney about bankruptcy. They should tell you what you will need to bring. Generally, the paperwork will include car loan documents, home loan documents, and various financial records like credit card bills.

Instead of jumping into a bankruptcy filing, be sure your situation requires it. There are other options available, such as credit counseling for consumers. Be certain that bankruptcy is the only option you have before pursuing this course because bankruptcy is always evident on your financial and credit history. Read More →