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



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

Finance Blogs
best blogs