Stop Collection Calls By Filing For Bankruptcy
Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.
Deciding to file for bankruptcy is serious and should be looked at seriously. You can prepare yourself for the tasks ahead by checking out the information and advice that this article has to offer you. Take the time to do learn everything you can before filing.
Seeking out additional employment can be a way to handle your debts. See if you can renegotiate your payments with your creditors before declaring bankruptcy. Let them know you want to repay your debt. They ought to work with you and then you won’t even need to file.
Many bankruptcy attorneys offer the first consultation with no charge, so consult with several before deciding on one. Be certain to speak with an attorney, not their paralegal or law clerk, since they cannot give legal advice. Shopping around for a lawyer can help you find someone with whom you feel comfortable.
Choose an attorney that is respected in your area. When you’ve found one, ask whether they provide free consultations. If they do, make an appointment to see them and get all pertinent financial documents or statements together, so you will have them ready to take with you. They will be equipped to give you an overview of the entire procedure and what it entails.
The only way to start improving your credit after bankruptcy is to open a new line of credit. If you have bad credit, this may be hard; however, you could choose to open a secured credit card. Since you will be facing high interest rates from all credit providers, there is little you can do about the high rates these cards typically charge. You’re more likely to get the loan you need if you have a line of credit that demonstrates a positive credit history.
It is common to worry that you won’t ever be able to get a loan again after filing for bankruptcy. This is partially true, but your score could be higher than it was before filing. Of course, this assumes that you pay your bills faithfully once your bankruptcy is discharged.
Unsecured Debts
Consider filing for Chapter 13 bankruptcy. You can secure your home under Chapter 13 and pay your debts with a payment plan. Expect to make payments for up to 5 years before your unsecured debts are discharged. Remember that if you even miss one payment that’s due under this plan, the court could dismiss the whole case.
After a bankruptcy, you may not be able to receive any credit cards. If you do, then try applying for a coupe of secured cards. If you pay what you owe back promptly at all times, you can show that you are taking steps to be responsible about your payments and credit rating. If you do well with a secured card and make strides to repair your credit, you will ultimately be able to receive an unsecured card.
As the preceding article suggests, bankruptcy is not something that magically happens. Many things have to be done properly. Use what you learned in this article to straighten your finances and improve your situation.
Bob Spiro
For MLM Pros Team Founder
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