Thursday, April 20, 2017, AM | Leave Comment
You can protect the things you love most despite bankruptcy. Gain a powerful grip on your finances and guide them through bankruptcy with critical knowledge.
Explore a credit counseling service
Chapter 7 and Chapter 13 Bankruptcy are options to extinguish all allowable debt, stop creditor collections and make a fresh start. Credit counseling debt relief programs can stave off bankruptcy, which remains on your credit record for up to ten years. This will allow you time to get back on track without the future hindrances full bankruptcy brings.
A knowledgeable professional service can determine if a credit counseling route is more appropriate for you than bankruptcy. This service will help you settle accounts often for less than you owe and engineer doable payment plans. The Federal Trade Commission helps consumers evaluate and understand debt relief versus bankruptcy.
Keep meticulous records of bills and debts
A bankruptcy attorney will need more than your credit report to manage your bankruptcy process. To best advocate on your behalf, they will need a thorough window into all your financial matters. This will insure your bankruptcy relieves you of all the debt it can.
Law firms like the Law Office of Barbara B. Braziel provide a comprehensive list of records and documents bankruptcy clients should have on hand to start the process. These include obvious paperwork such as mortgage statements and student loan information, as well as less obvious considerations as child support liabilities and co-signer information.
Stop foreclosures and repossessions
Bankruptcy is a completely legitimate solution to save your most prized possessions, not lose them. A bankruptcy stops the processes of foreclosure and repossession in their tracks. This allows qualified filers to pursue such solutions as home loan modification and auto loan refinancing with current or new lenders.
These refreshed financial obligations do not have the baggage of late payments and no payments to warrant a bankruptcy yet, allowing the borrowers to keep those possessions.
Hold off on new credit and big purchases
Many bankruptcy filers are shocked to see credit offers pour in after bankruptcy. However, many companies specialize in pursuing borrowers fresh out of bankruptcy, to capitalize on extra money bankruptcy often frees up. But their fine print reveals high interest rates and strenuous repayment terms for new cars, credit cards and even homes.
Do not fall prey to predatory lending and shark creditors. Enjoy the financial freedom of no debt payments for a while. Make do with what you have and build up savings before more credit.
Whether bankruptcy is a worst case scenario or truly necessary fresh start remains up to you. Overcome the stigma of filing to get back to the best life for you and your family. Remain in control of the process with future goals to guide your finances through bankruptcy and beyond.Facebook.com/doable.finance