Connect with us

Finance

3 Top Tips For Dealing With Bankruptcy-Before & After

If overdue bills are piling up and the phone won’t stop ringing from bill collectors,
you are probably understandably stressed out and scared – no one likes the feeling of not being able to manage their finances.
However, there is a light at the end of the tunnel.
bankruptcy
Sometimes filing for bankruptcy (especially Chapter 13) can really be the beginning of a new era in terms of fiscal responsibility,
not to mention stress relief!
Here are the top three tips for dealing with bankruptcy – both during and after the fact.

1) Be Selective About the Attorney Selection Process.

One of the most important decisions you can make (after deciding to file) is to pick the right lawyer or firm.
As money is tight, you want to choose someone who knows financial law inside and out,
who has lots of experience and credentials that signify past success in this field.
You want an attorney who will get you out of this mess and actually end up saving you money in the end, if anything.
Rather than just looking in the phonebook or searching online, it can be smart to ask around to people whom you trust for debt attorneys.
Although you may not want to bring this topic up because it can be seen as embarrassing, you never know who else has dealt with similar issues.
It is better to talk to someone you really trust and get a good lawyer than to pick someone without a recommendation.

2) Go for Chapter 13 Rather Than Chapter 7 if You Possibly Can.

Once you are working with an attorney, see if you can possibly get a Chapter 13 rather than a Chapter 7 filing.
While Chapter 7 discharges all of your unsecured debts,
it can have seriously unwanted consequences, such as destroying credit completely or worse – having your wages garnished, vehicle or home taken away.
Chapter 13 is a better way to go, because it is really debt reorganization.
Typically, you agree to pay a portion of the amount you owe back with installments, and you can usually keep your home, car and work income (minus whatever you agree to pay with each installment, of course).
Credit after Chapter 13 has a much better chance of being decent than with other bankruptcy choices, which means that it’s easier to buy new cars, homes, etc. in the future.

3) Be Patient & Cooperative During the Process.

While you do have the benefit of peace from creditors once your lawyer is involved (he or she will notify them that you are taking care of the issue and to “cease and desist” with contacting you directly), it does take time.
Typically, it takes 90 days for bankruptcy to be filed, and you may be required to take a class on debt management or financial responsibility.
Bear with all of this and try to be as cooperative as possible. By honoring your agreement and paying subsequent bills on time, you’ll successfully learn how to improve credit score after bankruptcy.
Bryan filed for Chapter 13 bankruptcy seven years ago, and has been trying to rebuild his credit ever since.
He found resources like acclaimlegalservices.com to be helpful throughout the filing process.
With his hard-earned knowledge, he hopes to help others start on a more financially solvent path.

Continue Reading

Recent Posts

Business3 days ago

Discover Top-Quality Seafood from The Fish Farmer, Your Trusted Supplier

When it comes to enjoying the freshest and most flavorful seafood in Singapore, The Fish Farmer is the trusted name...

Home Renovations4 Home Renovations4
Home Improvement3 days ago

Transform Your Space: The Best Interior Design at Tradehub 21 by SG Home Furnishing

A well-designed interior space is more than just aesthetics—it’s about creating a home that feels uniquely yours, functions effortlessly, and...

Markets & Finance1 month ago

The Power of Market Research in Shaping Marketing Strategies

Introduction Market research companies are essential players in shaping the success of any business. In today’s highly competitive and data-driven...

man on construction job man on construction job
Business3 months ago

What to Consider Before Starting a Construction Project

If you are starting your own construction project, there are a few things that you will need to consider. It...

high rise building high rise building
Business3 months ago

The Secret Details That Make Luxury Buildings Stand Out

When it comes to property, luxury isn’t all about the size of the building. Location doesn’t even qualify a property...

yellow skip yellow skip
Home Improvement3 months ago

Essential Factors To Consider When Hiring Skip Services In Cranbourne

Have you ever started a home renovation only to realise your regular bins can’t handle the waste? Or worried about...

Business4 months ago

Boring Businesses That Won’t Be Going Out Of Fashion Anytime Soon

As the AI wave sweeps the world, more and more people are worried about the future of the industry in...

nursery nursery
Home Improvement5 months ago

Creating a Calm and Inspiring Nursery: A Guide to Nurturing Spaces

Designing a nursery that supports your baby’s growth and development is more important than simply choosing adorable bedding and furnishings....

Home Improvement5 months ago

Demystifying the Installation Process of a Rheem Hot Water System: A Complete Guide

  Have you ever thought about what magical process makes your icy cold water instantly hot? with the mere flick...

Business6 months ago

From Startup to Global Force: The Meteoric Rise of Digigiri Enterprises

In the bustling digital landscape of 2021, a new star was born: Digigiri Enterprises. Founded in December of that year,...

General6 months ago

Invigorating Your Wheels: Mastering The Art Of Car Painting Techniques

Have you ever marvelled at the glossy, vibrant colours glossing over cars as they zip past you on a sunny...

Home Improvement6 months ago

The Ultimate Guide: Preparing For Packers And Movers

Moving homes is a significant event in everyone’s life that can evoke a myriad of emotions. Excitement, optimism, sadness, and...

Science6 months ago

The Impact Of Polycarbonate On Eco-Friendly Production: An Exploration Of Sustainability In Design

Have you ever wondered about the role of modern materials in shifting our society toward more sustainable and ecological ways...

Law7 months ago

Understanding the Eligibility Criteria for Indefinite Leave to Remain

A migrant to the UK has the right to make a permanent move to the country without any immigration restrictions...

Home Improvement9 months ago

Mastering The Maintenance: Breaking Down The Basics Of Your Ducted Heating And Cooling System

Welcome, fellow home enthusiasts! Ever find yourself lost in the labyrinth of your ducted heating and cooling system? Have you...

Categories

Archives

Trending