A Short Guide for Filing for Personal Bankruptcy

If you’re given the go-signal by a bankruptcy lawyer to file for this debt-busting option then, we encourage you to employ the following four suggestions which will help you succeed, not just in discharging your credit accounts, but also in repairing your credit history.

  • filing for bankruptcyTake the income-means test, as early as you can. This way, you can easily determine which type of bankruptcy would be most suitable to your needs, preferences, and of course to your financial capability. Always remember that filing for the right bankruptcy chapter can save you a great deal of time, effort, and money. So, never put this crucial step on hold.
  • Look for a government-accredited agency that can provide you with credit counseling services. Keep in mind that this is one of the most important requirements before you can file an application for bankruptcy proceedings. In fact, according to the most recent amendments in the bankruptcy laws, applicants, such as yourself should sign up for this program, at least six months before they intend to finalize their applications for discharging their debts or for reorganizing their repayment plans.

Be cooperative with the finance expert that the firm will assign to you. Always remember that your full-cooperation will help speed-up the procedures you will have to undergo before you can file an application for bankruptcy. In case, the professional discovers that you cannot afford to pay back your debts then, he or she will advise you to finally apply for a Chapter 7 Bankruptcy. On the other hand, if the certified finance expert finds out that you have the means to settle your financial obligations completely then, he or she will help you choose a suitable program you can use to eliminate your debts gradually, or in one full-swoop.

  • Hire a bankruptcy lawyer who can represent you during your court proceedings.

It will be best to consider the experience and track record of the professionals you intend to hire. Don’t pick a bankruptcy attorney on a whim as you might regret such decision, later on. Instead, you should carefully consider the credentials of your target professionals, before making up your mind. In so doing, you can have reliable lawyer who can help you identify and prepare the documents you need and who can assist you during your appearance in the bankruptcy court.

Just remember that you should have enough resources to pay the services of the legal counsel you will hire. Otherwise, you might end up incurring another huge financial obligation.

  • Keep in mind that a Chapter 7 Bankruptcy does not guarantee the complete elimination of all your financial obligations. After all, you will still be required to submit payments on alimony, child support, rent, utilities bills, etc. So, to avoid having another financial setback, you should resolve to keep up with these payments, each month. And don’t forget to manage your existing lines of credit in the best way possible. That way, you can gradually work on rebuilding your credit history, and in time, you can look forward to receiving once again offers for affordable credit deals.

Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

7 Comments
  1. If I declare personal bankruptcy can i still keep business?

  2. I considered filing bankruptcy last year. Each attorney I spoke to seemed to have a different take on my situation. I think filing bankruptcy might be a case by case type of action that differs depending on your situation. I read an article called Negotiate Your Debt Like A Professional and my sisters took turns calling my creditors. I did have to sign a power of attorney and we DID NOT tell them they were my sisters since they have a different last name. They thought they were dealing with debt counselors that were helping me. I settled all but 3 of my accounts. Avg was for 35 – 40% of what I owed. Only one company was willing to remove their line from my credit report which was disappointing, but the others did change from delinquent or charged off to settled as agreed. The other 3 I’m just going to leave they were small and over 4 years. Just 3 more years and they will fall off anyway.

  3. Can I file bankruptcy to clear a judgment that has been placed yet?

  4. Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors.

  5. Seek credit counseling. In the past, a person who decides to file for bankruptcy can just fill out an application and submit. However, since the amendment of the bankruptcy law, this decision is not up to the individual anymore.

  6. great information about how to file for bankruptcy. i got also a great information from onlinebkassist.com about filing a bankruptcy without attorneys fees. if you want to know more about this company just go to there website.

  7. declaring bankruptcy is really bad for your business. Even if you can start all over again, it is not easy to get your reputation back. Most of your business partners will think twice if they know you ever filing bankruptcy. It is better to avoid bankruptcy, since it is really bad for business. So, what you need to do is better planning and be wise in management. But, if you believe there are no other ways, you may file for bankruptcy.

Leave a reply

NHBS Inc © 2024

NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

Privacy Policy Terms of Use

NHBS Inc © 2022

NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

Privacy Policy Terms of Use

Business Loans

Consumer Loans

New Horizon
Logo
Enable registration in settings - general