Getting Yourself Financially Back On Track After Bankruptcy
You’re a hard-working person. You worked hard to develop your credit rating to the point where you have great credit. The home you and your family live in is modest. But despite the fact, you live in a modest home your taxes continually rise. On top of that, your wife has just been laid off at her job.
You have a decent job, but it’s certainly not enough to support your family. And as a result, you find yourself declaring bankruptcy. Now comes the tough part; having to think and plan, hoping to get back on track after bankruptcy.
Making Some Great Changes After Bankruptcy
Believe it or not, recovering financially after bankruptcy is not that difficult. It’s certainly isn’t the end of the world, although it may feel like it. The good news is that there are many various programs available that can be tailor-fitted to your current living situation to help you get back on your feet
financially after bankruptcy.
One of the first things you will have to do is to determine whether not the wage you are earning is close to the minimum wage. If you will are earning slightly above minimum wage, the chances of you getting financial help after bankruptcy actually increases.
The next step is to look at the type of job that you have and what kind of benefits you are receiving. The fact that you have a family to sup
port gives you an advantage. If you are a public servant and work for the city, there might be financial help available to city workers.
Another thing you need to consider is when your spouse will be returning to work. Now if your spouse left work because of s disability suffered while on the job, then your spouse might be entitled to some sort of a financial reimbursement, which can also help after bankruptcy.
Probably the most important thing you need to consider in dealing with life after bankruptcy is to keep the stress of the financial situation away from your children. Children are very perceptive when it comes to picking up the stress levels of the parents. If your children are currently attending a preschool or daycare that you are paying for, have them talk to those who are running it about a payment plan. It’s a good idea to not disrupt your children’s schedule.
Just remember that it does take time to get the family finances back on track after bankruptcy. Unfortunately, there is no shortcut to this. That is why it is a good idea to rely on your family and friends for support as well as advice. One tip that you can follow is to go on the Internet and do a search for various plans that you think might apply to your current situation. With the proper research as well as good advice, chances are good you will recover financially after bankruptcy. Just remember to hang in there and to never never never give up and things will eventually work themselves out.
Creating An Action Plan For Your Failing Financial Health
If you realize that your financial health is failing and you need a cure quickly there are several options you should consider before taking action. The first is when you start to feel financially ill, don’t wait to seek help. You should have a credit report run and make sure that all accounts are accurate and belong to you. Next, you should make a list of creditors and contact each one immediately to discuss your financial situation and the reasons that you are unable to make your payments. Often these creditors are willing to work with you to resolve your issues.
You also do not need to be harassed by your creditors, so be sure to research the laws in your area that are designed to protect you from them. Learn to budget your money monthly to ensure that you can pay all of your bills and cut down on unnecessary spending. You may be eligible for some form of government assistance that can help to free up money to help you reduce your financial debts. Seeking credit counseling can be a good idea, also. You will speak with employees who can help you reduce your payments and help you learn to budget your money. They can speak with your creditors and help to reach agreements that you can work with. If you are considering filing bankruptcy, credit counseling is necessary by law. There are two types of bankruptcies: Chapter 7 and Chapter 13. Research both types to see which one is more tailored to your situation.
Contacting a qualified attorney that can help to make your options clear and put them in understandable terms for you.
You may be wondering what will happen if you do decide to file for bankruptcy. For starters, the sky will not fall on you if you file for bankruptcy. In fact, filing for bankruptcy will open an opportunity for you to clear up all your debts and start anew. However, filing for bankruptcy is not really a simple walk in the park. There are plenty of technical legalities that are involved when you file for bankruptcy. Yes, these things can be quite confusing especially if you are not really very familiar with bankruptcy law. Luckily, a good bankruptcy attorney can make things easier for you. Will the help of a bankruptcy attorney, you will know what to do and which options to take.
Working With A Bankruptcy Attorney
Filing for bankruptcy involves a lot of choices and a lot of paper works. If you are not really familiar with the law, you could easily get lost with all those paper works. However, with the help of a good attorney, you can accomplish everything in just a short period of time. To get started in the right direction, contact a qualified attorney who will set you up with a free consultation. A qualified attorney will understand how you feel about your financial status and they will do their best to get you out of your financial difficulties at the soonest time possible. Contact an attorney today and lets them help you solve your financial problems.
Asking Attorney What Is Bankruptcy Can Lead To Financial Freedom
While many people believe that bankruptcy is their personal punishment for not being able to responsibly handle their credit obligations, others may see it as a way out of a problem that was not necessarily of their own creation. Many individuals will struggle financially for years hoping to avoid the stigma they believe is attached to what is bankruptcy.
Essentially, bankruptcy under new laws is a way for people to get out from under a burden of debt that is preventing them from meeting their daily living needs. It can be caused by a variety of issues such as loss of income, unexpected high medical bills, or the failure to be responsible with their credit. Having too much available credit often leads people down the road to what is bankruptcy and they can end up using one credit card to make the payments on another one until there is no more credit available.
After they have tried to work with their creditors and possibly gone through credit consolidation resources they find that when they pay all of the required monthly payments there is no money left to pay for their basic living expenses, they seek protection from creditors under the federal bankruptcy law.
When it has been determined that they cannot pay for food and shelter and basic needs while paying for loans, they can file bankruptcy to eliminate all other obligations and start their life over again. Their standard of living will need to be adjusted to meet their available financial means, but they will not have
to worry about paying any of the debt once it has been discharged through bankruptcy.
Today’s Internet has a plethora of information available simply by typing in a few words or phrases. However, those with bankruptcy questions will be better served by speaking to an experienced attorney to help sort through the complicated laws. While bankruptcy is governed by federal law, there are a few items that can be covered by state laws, such as exemption limits on personal property, and are just one of the bankruptcy questions an attorney can quickly answer.
There may also be more bankruptcy questions about the new laws in effect that essentially did not change the statutes, but made it more strict about qualifying for a Chapter 7 bankruptcy as opposed to a Chapter 13 in which the debtor enters into a court-supervised repayment plan. The benefit of Chapter 13 is that people get to hold onto their possessions that are used as collateral for a loan, such as a car or a house.
Under a Chapter 7 bankruptcy petition most of the petitioner’s assets, above the exemption limit are subject to confiscation and liquidation to offset the amount owed to debtors. How the money is divided among creditors are subject to the rules of bankruptcy are bankruptcy questions best left to an attorney to answer.
While the information on bankruptcy is readily available, most attorneys will offer a no-charge meeting to answer all bankruptcy questions a potential petition may have. There may also be many questions about the procedures used in court on the day the debtor goes into court to finalize the process.