Declaring Bankruptcy

If you are considering declaring bankruptcy there are a few simple questions you need to answer for yourself. The decision to file for bankruptcy is a personal one, based on your personal situation. However, there are all sort of ramifications and of choosing to going bankrupt (or choosing not to).

Below is a list of questions to help you gauge how informed you are about the whole process.
If you know the answers to all these questions, you are ready to make your decision. If you don’t know the answers to a few questions, please take the time to do some more research before you decide about this life altering decision.

Do you know the answer to these questions about declaring bankruptcy?

  • What happened to people before bankruptcy laws?
  • What is the difference between Chapter 7 and Chapter 13 Bankruptcy?
  • How many times can you file bankruptcy?
  • Is there anything I get to keep if I declare bankruptcy?
  • Does all my debt get erased during
  • What debts do I still owe even after filing?
  • What about my house, or my car?
  • Can people discriminate against me after I go through bankruptcy?
  • What if I am a co-signor on a loan and I file?
  • What happens to my student loans if I file?
  • How do going bankrupt affect my spouses credit rating?
  • Do both spouses have to go bankrupt to erase any chance of debtors going after them?
  • How many times will I have to go in front of a judge?
  • When will I be discharged?
  • What happens after I’m discharged?
  • Can a credit stop me from being discharged?
  • How long will it take for me to rebuild my credit after discharge?
  • Should I use a bankruptcy lawyer, or do it myself?

How did you do?

If there’s something you hadn’t considered, or something you were unsure of, I’m glad. We wrote this post to make sure you are well informed before you make your decision.

If you knew all the answers, it’s time to make that big decision. If there was a few things you weren’t sure you had all the fact on, please surf around and get informed.

Either way, please remember that bankruptcy laws were enacted to give us all a second chance. Because, sometimes bad situations can happen to good people. We wish you health, happiness, wisdom and all the best when making your personal decision about declaring bankruptcy.

Here’s a few other ideas about avoiding, instead of declaring bankruptcy

Spend Much Less Than You Make: The truth is that so many people are living way beyond their methods. This is one of the main reasons that people are facing this scenario in the first place. They have put themselves in a scenario that they cannot manage financially.

As a rule you need to never be paid out beyond what 50 % of your income just to supply exactly what you and your household should live.

Avoid Easy Credit:  Especially the “buy now-pay later” types of offers. Try using cash to buy everything you want. , if you have the money on hand there is nothing wrong with buying something. If you don’t have the cash, you can’t afford to buy it.

Increase Your Income: We should always be looking for ways to make more money. You never ever want to become too comfortable with where you are financially.

That being said, if you are past the point of no return, declaring bankruptcy can be a smart move. You’ll get a chance to regroup and start over. Just make sure you learn from your financial lessons and thrive going forward.