Posts Tagged ‘ debt repayment ’

Finances Got You Down? Think About Filing For Bankruptcy

August 17, 2013

TIP! Ask yourself if filing for bankruptcy is truly your best option. Alternatives do exist, including consumer credit counseling.

If you are facing the possibility of bankruptcy and are looking for information to help you in your decision, you’ve come to the right place. With the Internet, you can find out ways to avoid bankruptcy. You may be able to avoid filing for personal bankruptcy by following the tips presented here.

TIP! Do some research to find out which assets you could lose by filing for personal bankruptcy. The Bankruptcy Code provides a listing of the various asset types that are not included in the bankruptcy process.

Make certain that you comprehend everything regarding personal bankruptcy by studying online. You can learn a lot on the U.S. Department of Justice and National Association for Consumer Bankruptcy Attorneys provide excellent information. The more knowledge you have, the more you are able to make right decisions and find a new future.

TIP! Before you file for personal bankruptcy, be sure that you are cognizant of all current laws. If you want to file for bankruptcy successfully, it’s important to review the latest applicable laws.

Learn the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy. Do some research about these options so you can choose the best one. If you do not understand what you are reading, talk to your attorney before making that serious decision.

Debt Repayment

TIP! You may have heard bankruptcy referred to differently, either as Chapter 7 or Chapter 13. Learn the differences between the two before filing.

Make sure bankruptcy is truely your only option before filing. You may qualify for alternatives such as debt repayment plans or interest rate reductions. Ask your bankruptcy attorney about these options. If you are looking at foreclosure, think about a loan modification program. This type of plan allows your lender to work with you eliminating charges, extending your loan, and lowering interest rates to help you pay back the loan without drowning in debt. After all is said and done, your creditors will still want their money. For this reason, you may wish to investigate debt repayment programs in lieu of bankruptcy programs.

TIP! Don’t file for bankruptcy unless it’s absolutely necessary. It may be that all you really need to do is consolidate some of your debts.

During a Chapter 13 bankruptcy, you may still be able to get a mortgage or car loan. It is just tougher. Your trustee must approve any new loans such as this. Create a budget and prove that you will be able to afford it. You will need to be able to explain why the purchase is necessary.

TIP! If you are going to be filing for bankruptcy, think about filing Chapter 13. You are eligible to file Chapter 13 bankruptcy if your income is reliable and your unsecured debt does not exceed $250,000.

Proper planning could place you in the proper place. It’s a good thing if you are able to buy a little time for yourself. Just be sure that you’re making the right decisions in preventing from filing bankruptcy. Plan your future out now.