Archive for the ‘Bankruptcy’ Category

Helpful Tips To Recover From Bankruptcy

Tuesday, July 26th, 2016

Recover from bankruptcyWhen a person finds himself stuck in so much debt and not able to find any of the ways to recover from that debt then it’s the situation when he comes to the conclusion of filing bankruptcy. Bankruptcy is the last resort for you when anything does not work. Filing for Bankruptcy is such a decision which can affect your credit for many years and it becomes very difficult to get your track back easily. Hence instead for filing for Bankruptcy, you must always hunt for the ways to recover from Bankruptcy. Recovering from Bankruptcy is not that easy thing and you might have to work too hard to recover from the situation of Bankruptcy but with right efforts and patience, you can get out of the trap of Bankruptcy. Analyze your situation and make appropriate planning and you will be able to recover from Bankruptcy. Here are some of the helpful tips to recover from Bankruptcy.

  • Conduct financial self-evaluation

Ask yourself what is that thing which brought you to the situation of Bankruptcy. The answer of this question will help you to recover from Bankruptcy. There can be varied reasons behind your this condition like bad borrowing habit or bad spending habit but in order to recover from Bankruptcy, you need to find the reasons being getting bankrupt. Knowing them will help you to not to repeat them. Make a list all those wrong decisions and wrong habits and commit to yourself as to not to repeat them at any cost.

  • Make a monthly budget

Budget is very important for recovering from Bankruptcy. Not only for Bankruptcy, budget can help you make savings, manage your personal finance, help you track your expenses and thus you must make a considerable budget and try your best to stick to it. For creating a working budget, you must need to make a list of all your expenditures and compare it to that of your income and if it is higher than you need to cut down on your expenses to recover from Bankruptcy and make yourself debt free. Following your budget strictly will help you recover from Bankruptcy more efficiently.

  • Pay all your bills timely

If you want to recover from Bankruptcy then it is very important that you show a good credit score and don’t make any defaults in making payments. It is very important to show off your ability to pay all of your expenses and bills on time and in full to recover from Bankruptcy. Thus never make any default in any of your payment of bills and it will create good credit image of yours. Don’t let your credit score go lower and keep reminders if you cannot remember to pay your bills. Best way is to pay the bills as soon as arrives which delete the chances of forgetting it. Paying in advance will make a good impact on your credit score and you will be able to build it in a positive manner.

 

How to file for bankruptcy

Wednesday, June 26th, 2013

filing bankruptcy, bankruptcyIf you have been having a tough time with your finances and you can’t handle the debt anymore, then maybe it’s time to file for bankruptcy before this gets worse. If you find yourself in this situation, then first of all, you need to tell yourself that you’re not alone. Every year, thousands of people go bankrupt and it’s but natural to not be perfect at all times. So if you find yourself in such a situation, you must hire a bankruptcy lawyer first. He or she will be able to tell you what to do next. You need to make your credit score good again or you will have a lot of problems later. You need to take care of the debts you’re in slowly and make your financial standing well once again. You would also need to legally announce your bankruptcy and take care of all the notifications which you have for debts.

How to avoid bankruptcy?

Wednesday, June 5th, 2013

Avoid Bankruptcy , BankruptcyBankruptcy is surely a disastrous situation, both financially and emotionally. Hence you should be very careful beforehand so that you can stay clear of such disaster. The post below discuses some tips that would be helpful to avoid bankruptcy.

First of all, always mind your expenses. The best thing is to create a budget plan for every month. When you are in debt, focus on the most necessary and unavoidable expenses only. Save money by cutting down on the luxury expenditure for the moment. Stay away from overuse of credit cards as too much of credit usage can lead to unmindful expenses, creating further debt.

Consult with a good debt management company here for an effective management of your debt amount. It’s better to stay away from co-signing loans. It’s because if the borrower himself is unable to repay in time, it’s you who have to bear the loan obligations.

Tips to find the best bankruptcy lawyer

Saturday, April 27th, 2013

bankruptcy lawyer, bankruptcyThough bankruptcy is not a very common everyday issue, but if you are facing bankruptcy, then you are in great danger and you need proper help to get yourself out of the danger. Now you be wondering what exactly a bankruptcy is? Suppose you have taken loan for any personal use or business, but now you are not in a financial position to pay back the money. This particular situation is called bankruptcy. To fight this situation you have to take the help of a bankruptcy lawyer since bankruptcy is a legal issue and you can’t fight it on your own.

Before hiring a bankruptcy lawyer, you have to take care of certain things. You can search over the internet to get the contact details of several law firms. Look for a law firm which is competent enough to handle such cases. You can also ask for the previous clients of the law firm to get reviews from them.

You can also ask people around you for references of a good bankruptcy lawyer. Try to go for such a law firm which has a bench of lawyers, because you will get suggestions from several lawyers which may eventually prove to be helpful for you.

Tips to shake bankruptcy off you

Wednesday, February 1st, 2012

Filing bankruptcy is the only option to get rid of the debts on your head – this is the misconception amongst a million of people living in the post recession period. Filing maybe one of the ways whereby you can get away from the loans you’ve taken, but it is not the only way. Firstly, you have to comprehend the types of bankruptcies available and the difference between the variants.

There is a chapter 7 bankruptcy which after filing will deny any control you have on your assets and the future finances. Moreover, it won’t leave you with any privacy on your future financial life whilst the chapter 13 bankruptcy looks a lot better than the former one; but they both have a lot of demerits. However, you can opt out the bankruptcy option and go for a constant counseling process that will help you in each and every step you take in future thereby providing you with safety and privacy.

What will happen if you get a divorce during Bankruptcy?

Friday, October 7th, 2011

Bankruptcy refers to the declaration of an individual about his status wherein he is no longer in a position to pay back his outstanding dues towards his creditors. Such a status can affect not only one’s social status but also his credit report. Also, things can get worse if one is on a verge of breaking a relationship during such economic hassles. A scenario can complicate if a person undergoes a divorce while he is under strained economical conditions, or worse, filing for a bankruptcy. This can also affect his spouse if certain guidelines are not followed.

The court decides as to who remains responsible for the debt settlement after the divorce. Also, it does a thorough study to distribute the prevailing assets amongst the partners. In case a trustee is allotted to the case, he decides upon the division of the property. It is a good practice to clear the bankruptcy issues before concentrating on the personal issues.

Placing the Assets in Spouse’s Name to Avoid Bankruptcy

Wednesday, October 5th, 2011

Once you are married, your economic, or strictly speaking, your investment perspective changes. A negative stroke to your investment portfolio can infect not only you but also your spouse. Hence, after your marriage, you need to be cautious with respect to every step made that will affect your economic status.

Bankruptcy refers to the condition wherein you are no longer in a state to pay back your financial debts. A crash in the market, negative impact on your business, etc. are some of the conditions which will lead you to file up a bankruptcy. In such cases, you cannot just simply transfer your assets over to your spouse. You need a firm reason for it. Also, in severe cases, a financial firm can claim your investment from your spouse after a specified look back period. The court will also take into consideration if you have been involved in any kind of financial frauds.

Can the Bill Collectors Claim Your Assets?

Tuesday, October 4th, 2011

If you have had an overdue payment or a skipped bill, you must have received those nagging calls from collection agencies. Though such calls stay at a minimal level when the due amount is low, the calls can get pretty nasty when you have a big bill pending. The big guys can sometimes threaten you of claiming your assets, your bank account or your personal belongings. Though they do not act in such a way generally, they do have the right to do it.

Before a company pulls you into the court, it needs to prove to the court that they have kept you well informed about the debt. The court may then give them the right to take over your asset put up against the loan (like your car). They can also take over your bank account if required. In worst cases, the sheriff can also claim your personal belongings.