Free Debt Management & Bankruptcy Articles

Professional Authors - Professional Articles



Understanding The Effects of Filing Bankruptcy


If you have had to come to the reality that you have no other recourse but to file for bankruptcy, you need to understand that this truly has to be used as your last resort to be taking when you are trying to tackle your financial woes. Not only is this a tiresome procedure with giving the U.S. Government all of your personal information, your property information, all of your asset info, paycheck info, tax info, etc. it is also an extremely emotional procedure as well.

Before you actually file do your best to keep searching for solutions other than bankruptcy. Try negotiating with all of your lenders to reduce your payments or your interest on the money that you owe. Get a financial manager and see if they can help you. If you own a home try and refinance it so you can take that money to pay off your debts.

You should only file for bankruptcy if you find yourself only being able to pay the minimum on all of your credit cards which is ending up leaving you with larger balances plus late fees. If you find you can't even make some of the payments at all no matter how you try to budget or if there is threat of foreclosure on your home. Then and only then should you resort to this.

There are serious repercussions when you go this route. Remember that when you do this, this is going to haunt you for up to 10 years on your credit history and secondly it is going to take a long time after it's off of your record to start re-establishing your credit again. More than likely when you do get more credit you are going to have to pay the highest of interest rates for several years before anyone is going to be willing to give you anything else.

You also need to understand that not everything can be discharged and you still may be owing money and have to be paying bills. A couple of examples that are almost impossible to claim would be taxes and student loans.

Once the bankruptcy has been discharged from your credit it's very important that you open up a new checking account or savings account and then make sure that you make deposits in either one of them on a regular basis. This is one good way to show future lenders that you are capable of taking care of money and being responsible. So opening up an account like this is going to be in your favor. It doesn't matter how much you put in the account it's just the fact that you are putting something into on a consistent basis.

If there is any way in which you can get a credit card after the bankruptcy is off of your record, you should try to get one. As much as you probably don't want to get one, in today's society everyone needs to have good credit for one reason or another and the only way this is going to happen is if you start trying to rebuild it as soon as you can.

A good way to show lenders that you are responsible is when you do get a credit card that you maintain a small balance and then pay the balance off on a monthly basis so that you don't begin to fall back into the same trap that got you into the financial mess to begin with. Probably one of the easier types of cards to get would be a gas company card.



Comments
Post has no comments.
Post a Comment




Captcha Image






BLOG TAG CLOUD
repay assets checks debt traps credit card companies savings account classify bills doctors debt bank building debts asset info handling money cash emergency savings account more income credit line financial security credit cards understanding home equity part time job checking account debt settlement hospital expenses account interest credit report spending cash card social services management advice repay loans full details home equity loans good debt credit accounts charitable organisation credit card good credit rating insurances saving debit card credit scores great budget ideas paycheck pay off bill loss of income debt solution negotiation receipt credit company monthly payments Chapter 13 lending companies low interest discounts children saving spend money bills savings borrow money budget categories new job payday loan debt consolidation medical debt modified payment plan debt company unexpected expenses learning experience family budget paying bills lose your job management program payday loan companies telephone bills mortgages debt consolidation loans allowance debt collector help stop harassment need money great budget invest money home equity extra payments purchase protection check card loans debt payment period saving money account fees unsecured loan credit checks income debt management mistakes ill health taking responsibility chapter 7 house loan get out of debt money mortgage payments children budget injury debt relief agency high interest rate become free unreasonable expectations down payment credit bureaus budget interest budget sheet financial education fly-by-night credit limit seperate accounts budget ideas buying a house lending company teaching children finance debt relief paycheck info gambling problem phone calls utility payments rebuild good credit take control of debt introductory offers live within means debts managing debt personal finances good credit medical bills credit school jobs monthly budget interest rate creditors bad financial decisions careful handling groceries medical bill credit reports job loss common debt traps budgeting loan companies child support debt credit rating unemployed worksheet whole family specific budget categories professional help with debt less money credit history internet restrict spending debt management advice credit card help gambling debts debt consolidation installment plans ongoing bills personal finance tax info legal action purchases salary good credit record reduce debts debt free good budget software bankruptcy paying out debt consumer lawyer sickness debt management management tips past bad debt bad debt tracking money overspending debt problems domestic support account charges repayment plans losing a job investing control spending loan agents monthly payment honesty Consolidation Company credit companies credit card traps your rights security hobbies original creditor visualization understanding regain control monthly bill court appearance home debts payment frequency credit score deals in writing bad debt management prioritizing negotiate loan amount piling debts interest payments debt collectors making payments education common debt finances illness rent payments secured loan government assistance short sale family assistance payment behavior save money borrower live your life help filing bankruptcy child spending debt management tips installment plan initial research overbearing bills credit card debt borrowing credit card company trusted friends loan harassment credit repair candidate younger children pay off debt back support car loan cancer implement a budget interest rates child support loan cable bill deb consolidation total balance losing your job order report flat broke own money insurance household items second job liability debt collection agency debt programs comfortable living overcharging bank accounts extra money



Copyright 2016 - Free Info Site Enterprises
Privacy Policy  |  Copyright Policy  |  Website Use Policy  |  Non Endorsement Policy  |  Contact Us  

Finance Blogs
best blogs