Posts Tagged ‘ secured card ’

On The Verge Of Bankruptcy? These Tips Are Here To Help!

July 31, 2013

TIP! If you are considering using credit cards to pay your taxes and then file for bankruptcy, you may want to rethink that. Most of the time, you won’t be able to discharge this debt, and you could make things worse with the IRS.

The path to bankruptcy is not normally a happy one, but your life can improve once the filing has occurred. Wiping the slate clean means having a new lease on life. Keep reading for ways to experience bankruptcy as a positive thing.

TIP! If filing bankruptcy is in your future, don’t waste any savings you may have attempting to pay off your debts. You should not use your retirement savings unless the situation calls for it.

Filing for bankruptcy is something many people are forced to do when there debts become too much of a burden, and they can no longer afford to pay them. If this describes your situation, it makes sense to become familiar with relevant laws. You will find that each state has their own bankruptcy laws. Your house is safe in certain states; however, in other states, it isn’t. Before filing for personal bankruptcy, be certain that you are familiar with the laws.

TIP! When choosing a bankruptcy lawyer, your best option is to find someone who is recommended by someone you know versus someone who you find online or in the phone book. Companies are constantly popping up, claiming to help, yet only seek to profit from your misery.

You can find a wealth of information concerning personal bankruptcy by searching for websites which offer information about it. The United States Department of Justice and American Bankruptcy Institute are both sites that provide free advice. The more you know about it, the better you are able to make the best decision for your situation and to make sure that the bankruptcy proceedings move forward with minimal setbacks.

TIP! You should be able to meet with a specialized lawyer for free to ask your questions. Most attorneys offer free consultations, so meet with a number of them before you retain one.

Always remind your lawyer of specifics that are important to your case. Inaccurate or incomplete information can lead to your petition being denied. Do not hesitate to speak up; this is your hearing and your future is on the line.

Secured Card

TIP! Before you decide to declare bankruptcy, make sure that a less-drastic solution isn’t more appropriate. For example, if you only have a little bit of debt, you might be better off if you went through consumer credit counseling.

Be warned that after your bankruptcy, you may stand out as a leper to credit institutions. You may be unable to get a simple credit card. In this event, you should attempt to apply for a secured card or two. By doing this, you will be letting people know that you want to fix your credit score. If you pay your secured card off on time, you’ll eventually find that companies will start offering you unsecured credit.

TIP! There are two types of personal bankruptcy: Chapter 7 and Chapter 13. Make sure you know what each entails so you can make the right choice.

As stated in the above article, anytime someone is forced into bankruptcy is never a happy situation. On the other hand, the new beginning that bankruptcy offers can lead to a new life story. Follow the advice from this article, and use personal bankruptcy to get your fresh start.

Learning How To Deal With A Personal bankruptcy

July 28, 2013

TIP! Many people find that they must file for bankruptcy protection because they have more debt than they can afford to repay. If this applies to you, be sure that you know what the laws of your state are.

The economy has been in a poor state for several years now. People carry more debt and find it harder to stay fully employed when the economy is this bad. Deep debts usually wind up in bankruptcy. This is not a pleasant situation. When you or a loved one is contemplating bankruptcy, it is important to read the following piece in order to understand available alternatives.

TIP! Speak to a bankruptcy attorney about what new laws may be going into effect before your bankruptcy filing. If you want to file for bankruptcy successfully, it’s important to review the latest applicable laws.

Be certain you understand all you can about bankruptcy by researching reputable sites that offer good information. The U.S. Some valuable resources include the U.S. Dept of Justice and American Bankruptcy Institute. The more knowledge you have, the more you are able to make right decisions and find a new future.

Credit Cards

TIP! If you really want to keep your vehicle, speak with your lawyer about possible choices. Often, you can negotiate a lower payment through bankruptcy.

You should avoid paying your taxes with credit cards and then immediately file for bankruptcy. In a lot of places, the debt cannot be discharged, and you may still owe money to the IRS. A common rule is that dischargeable tax means dischargeable debt. So, in short, do not use your credit cards to pay off debts right before you file for bankruptcy.

TIP! It is still possible to get a mortgage or car loan, even if you are filing for Chapter 13 bankruptcy. However, there are steps which must be taken to ensure you are within the law of bankruptcy.

Getting unsecured credit post-bankruptcy will likely be difficult. In this event, you should attempt to apply for a secured card or two. This will allow you to start building a good credit history while minimizing the bank’s risk. After using a secured card for a certain amount of time, you might be offered an unsecured card once again.

TIP! Get the word “shame” out of your head when filing for bankruptcy. It is not uncommon for bankruptcies to elicit feelings of guilt, remorse and embarrassment.

Instead of getting your lawyer from the yellow pages or on the Internet, try your hardest to find one with a personal recommendation. Although you may find a good lawyer through an advertisement, you can simply find a much better lawyer if the lawyer is recommended to you by someone who has gone through the process and who has the inside track on the lawyer’s true capabilities.

TIP! Filing for bankruptcy can cause stress. Engage a competent lawyer in order to avoid excess stress and keep everything on track.

While the economy is beginning to gather steam, a number of people still do not have jobs or acceptable compensation. Even long-term job loss does not inevitably have to result in bankruptcy. Hopefully, you won’t have to file for bankruptcy. May good fortune be with you.