If you reach the point where you can no longer service your own debts, you are left with little choice but to consider declaring bankruptcy. Getting your life back on track after declaring bankruptcy can be difficult.
To get this tough period, especially as a family, will require patience, planning and frugal management of your funds from this low point onwards. The key undertaking should be to keep a very accurate track of your expenditure to truly recover from Bankruptcy. There is little point declaring bankruptcy as a last resort, only to end up bankrupt again in 5-10 years time. You will have to learn to effectively budget, to avoid using credit cards, you will not get the best rates of interest any longer. Financial institutions will consider you a high financial risk and your offered interest rate will reflect this fact. You may also find it incredibly difficult sourcing a line of credit for financing major purchases like a home or a car.
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Listen to your attorney during the procedure and take their advice following proceedings. They will advice you on the best course to take and which Bankruptcy chapter will best suit your situation. Broadly speaking the 2 types of bankruptcy that individuals can file fore are Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy has a life cycle of ten long years which can be hard to work through. Under chapter 13, credit reports are invalidated after 7 years and you have 3-5 years to cover your debts and return your life to normality.
Below are some tips that will go along way to aiding you in returning your life to financial normality:
Know your creditors well: Know what you owe, how much you have paid and watch for errors Pay Bills in a timely fashion: Make timely payments often, remember your interest rate will not be great Seek Qualified financial advice: Get professional advice from a financial advisor. Save wherever possible: a lack of cash reserves cost you once, don't let it cost you ever again Employment: Seek and maintain steady employment Cut up the credit cards: Where you can always pay in cash and remember your interest rate on card will be high. Seek secure loans within a year: Refinance loans 1 year after bankruptcy. Review interest options annually and improve where you can
You are in this situation for the long haul, but it is not all doom and gloom. With dedication and consistent effort you can return yourself to a financially secure position.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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