Filing for a Chapter 13 bankruptcy is not the only recourse you have when you are deep in debt. While a Chapter 13 bankruptcy would allow you to keep some of your assets and would give you a good plan to pay off your debt accountabilities, this debt relief option would damage your credit score significantly. This could have dire implications on your future credit and even on your job security and opportunities later on. You do not want to...more
Being deep in debt can be depressing especially if you don't have the means to pay for your accounts. Since you may already have known that things can get worse overtime especially if you are dealing with sky high interest rates, you might have thought about filing for Chapter 7 bankruptcy so that you can start from scratch again. Some people have made the same decision without even knowing the scope of this debt repair option. Like them, you may...more
If you find yourself facing a debt, no matter what size, it can become a very stressful and depressing experience to try and prevent the debt from escalating. Do not despair, there are ways to recover from your debt and set yourself on track to turn things around.Firstly, you need to assess your financial situation and put all the facts in front of you. You will not know the extent of your situation until you assess your debt-to-income ratio. Another key indicator is the Net Worth Statement which is a snapshot of your current financial situation. To calculate this you will need to add up the total of all your assets and subtract you liabilities. You should keep track of this figure year to year. Your assets will include the things you own such as a house or vehicle, liquid assets such as savings accounts and any personal items that may be of value such as jewellery. Total your liabilities, such as the balance on your mortgage or other loans, credit card balance and any other debts you have. Make sure you are conservative with your estimates to give you the most accurate picture of your net worth.Secondly, it is important that you know how credit works. Don't be...more
Declaring personal bankruptcy is not a simple task. It requires a great deal of thought as well as an in-depth understanding of the consequences. The first thing you need to do is discuss this with the experts – talk to a credit counselor or a bankruptcy lawyer. They will be able to tell you the pros and cons of declaring personal bankruptcy...more
Declaring bankruptcy can affect several aspects of your life – on the financial as well as personal front. It is a serious decision which should not be taken without careful though and consultation with the right experts. You should look into and assess the potential of all the alternatives available before you decide to file for bankruptcy. This...more
When you file for bankruptcy, it can have a very traumatic effect on you. The process of bankruptcy is such that the fact remains on your credit card report for a period of 10 years. Besides this, it can also lead to social isolation from your peers. Being branded bankrupt can have a very negative impact on your personality as well as your character, which need not always be the right perception. But through it all, bankruptcy is something that you can overcome. One of the first things you need to do is to come to terms with the fact that you have declared bankruptcy. Once done, you have to face all the consequences that come along with it. There are several psychological aspects that get related to declaring bankruptcy. For one, you may retain the fear of purchasing anything at a retail store or from indulging once in a while. For some other integrating back into society can be difficult, leading to a lack of a social life. You first have to accept that the episode is over and done with and you need to move on. It is a learning experience and a lesson that you will adhere to for the rest of your life. After bringing yourself back to reality, the next step is to work on your credit...more
Filing for bankruptcy comes after a great deal of events. Some of them may be unforeseeable and often end snowballing into a bad situation. A bankruptcy situation can arise not only from frivolous spending and lack of financial management. It can...more
Filing for bankruptcy is no mean task. The laws related to it can get difficult to understand and more often than not you will get lost in it all. At these times, a good idea would be to have a bankruptcy lawyer guide you through the entire process....more
When you reaffirm a debt, you sign a contract to continue making payments to the lender. Think of this contract as taking your vehicle loan or mortgage totally out of the bankruptcy. This means that if you ever stopped making payments on the debt,...more
Obtaining Accurate Bankruptcy Information is Crucial for Debt Relief Success By: Keith R About the Author (ArticlesBase SC #3490801) Article Source: http://www.articlesbase.com/ - Obtaining Accurate...more
Getting Out Of Debt - How To Dodge Bankruptcy And Terminate Credit Cards By: Benjamin Axel About the Author www.creditcarddebtsurgeons.com is a matchmaker in the debt settlement industry. They have paired up thousands of...more