How to Recover From Filing For Bankruptcy

The Fastest Ways to Recover from a Bankruptcy

No one expects being in a financial bind (personally or business wise) that makes them have to file for bankruptcy. In the worse case scenario if you have to file for bankruptcy (whether it is chapter 7 or chapter 13) understand that it is not the end of the world. All you have to do is understand that there is a way to rebuild your finances back up to normal and eventually live life stress free again (at least in this situation).

Save, save, save!

The main key to recovering from a bankruptcy is beginning to save your money wisely. After a financial burden such as bankruptcy you will not only have to pay off your debt (which could include interest) in addition to daily living. Once you begin saving your money and budgeting correctly you will be able to pay off your debt while being able to pay current bills and other life necessities.

Re-adjust your lifestyle

This element goes hand in hand with the firs

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Delaying the Inevitable Bankruptcy Filing

Back in 2008 just about the whole world was aware of the dire financial situation the global economy was in. The Federal Reserve ran to Congress and asked to fire up the printing presses to avert a financial crisis that would make the Great Depression of 1929 seem like the good old days. And like everyone also knows, Congress agreed to it with a stimulus bill close to $1 trillion. The only problem is, none of it really reached the economy. All this money did was bail out the bad financial dealings of the Federal Reserve member banks. If it only let those banks fail, the US probably would have already recovered and been able to stay as the number one global economy. It seems that now that is changing as China is taking a run at the number one spot. The only thing the US is now exporting is debt. That is selling U.S. Treasury’s to be able to keep the sinking ship afloat.

A few years ago large numbers of people were racing to the bankruptcy courts to file for bankruptcy. T

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What Is Chapter 20 Bankruptcy?

When we meet to discuss your financial situation, I’ll take the time to get to know the details of your circumstances so that we can create a custom solution to your debt troubles. For some people, budget and spending revisions and negotiating with creditors can help them to avoid bankruptcy altogether. Others may need the immediate discharge of a Chapter 7, and still others will use a Chapter 13 to get their debt under control while protecting their property and assets. In order to maximize the benefits of bankruptcy, a Chapter 20 may also be used. This is when someone files a Chapter 7 followed by a Chapter 13. There are some guidelines surrounding to this option, and we’ll work together to make the right choice for you.

Exploring Your Options

I’ll walk you through the benefits and eligibility requirements of each chapter and will guide you as we make these important decisions. A Chapter 7 is usually resolved in just a few months and discharges most

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Moving and Other Faux Pas Made Prior to Bankruptcy Filing

When it comes to filing for bankruptcy there are many things that you should do and shouldn’t do prior to filing. First and foremost the Bankruptcy Court requires individuals that are filing for bankruptcy to be totally honest and upfront in everything they do. Any indiscretion can end up in the dismissal of the bankruptcy discharge putting the individual back in fair game for the creditors. A person should really sit down with a bankruptcy attorney and discuss the do’s and don’ts prior to the bankruptcy filing to make sure they have a full understanding of what’s required of them. When it comes to dealing with the government it’s more of a do as I say then do as I do situation. Although it’s important to be honest with the court, it’s sometimes pretty hard to understand this requirement with all the corruption in the government agencies. The federal government keeps talking about how transparent they are while at the same time all these sca

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Should Christians File Bankruptcy?

For many people financial woes have them stressed out, while they barely survive living paycheck to paycheck. They may have medical bills, student loans, credit card debt, car loans, payday loans and more piling up on their desk. For many it seems like an insurmountable task to get debt free and stay that way. So many turn to Bankruptcy as a quick fix to their problems… but is that the right answer for Christians?

When we look at bankruptcy we have to understand what it means to most people. Chapter 7 bankruptcy eliminates all of your debt, wipes the slate clean, and leaves you with a damaged credit score for a very long time. There are other forms of bankruptcy that allow you to restructure your debt, and pay it off over a longer period of time, with a much lower monthly payment.

Biblically speaking it is very clear that as Christians we are to pay our debts (Ecclesiastes 5:4-5) and that the wicked “borrows and does not repay” (Psalm 37:21). It may s

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Can Filing For Bankruptcy Keep The Creditor Sharks Away?

Are you tired of the phone calls and voice messages asking you to call some 1 800 number so you can be reminded; how many payments you are behind? Perhaps you are like I was, hesitant to open the mailbox for fear of seeing a notice to appear in court. If you are you are either hoping for a miracle or wondering if filing for bankruptcy can keep the creditors from taking all of your stuff please read on.

The good news is that for the most part, creditors don’t want your stuff. They just want their money plus interest. If you give them their money, they will go away for good. If you don’t pay them, they will be relentless in their efforts to get you to pay up. There are times when folks are forced to liquidate their assets to help pay off their debts. It depends on the case and the circumstances surrounding the debt.

The bad news is that most creditors have money and time on their side to wait for you to pay up. When they get tired of waiting they may sell the

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Using Your Bankruptcy Experience to Help Others

It can be a humbling experience to file bankruptcy. You may have always had your finances under control, but an unexpected event or series of financial choices may have resulted in debt that you just can’t ever pay off. There is nothing to be ashamed of; many people file bankruptcy each year, and it’s designed to give you a new financial start. This is a good time to evaluate your spending habits and reconfigure your budget. You’ll also want to make some plans to help avoid debt in the future. An additional benefit of filing bankruptcy is that it makes you a resource for others who are struggling financially. Once your bankruptcy is resolved, you’ll most likely feel relief and know that it was the best possible decision.

Encouraging Friends and Family

Bankruptcy is an experience you’ll learn from, and you can use what you’ve learned to help others. Your friends and family will see the financial choices that you make, such as saving f

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Can Filing Bankruptcy Affect My Immigration Status?

Many people come to the United States in search of the American Dream. While hard work and discipline often pay off, there’s never a guarantee that life will be easy. It can be expensive to start a new life, between housing, education, and job supplies, and living in a new culture can bring some unexpected differences in cost. The stress of all these adjustments can cause health problems, which is especially challenging without health insurance. Sometimes despite the best planning, overwhelming debt can be the result. Immigrants may worry that being in debt could threaten their immigration status, but the good news is that bankruptcy is a legal option for getting debt under control.

Not a Crime

Being in debt is not a crime and will not affect your immigration status in any way. In fact, there are only certain, very serious crimes that could affect your ability to stay in the US. These include:

Domestic violence, stalking, crimes against children, drug or h

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How Bankruptcy Works

Bankruptcy is an option that can help relieve you of debt. You may be in a position where you can no longer pay back debt due to a change in your life such as divorce, job loss, medical costs and other reasons. Do not wait until the last minute to file; many times, people try to hang on and their financial situation becomes more difficult. Once you have decided that you can no longer meet your obligations, it is time to visit a bankruptcy attorney and discuss your options.

You are not required to hire a bankruptcy attorney, but it can be a time-consuming, confusing process, and it is best to have someone who is experienced and knowledgeable on your side. When you visit your lawyer, there are several things that you will discuss including your current situation, your creditors, whether filing Chapter 7, 11 or 13 best suits your situation, and more. Your attorney will spend time answering your questions, and there will be paperwork that needs to be filled out. Your first visit

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How Would Filing Chapter 13 Bankruptcy Benefit You?

In Chapter 13 bankruptcy, you propose a repayment plan to your creditors, and it generally lasts three to five years. It offers to pay all or part of your debt from any future income you earn. You can use Chapter 13 to make up missed car payments, pay back taxes you owe, prevent a bank from foreclosing on your house, keep non-exempt property that you deem valuable, stop interest from gaining on your tax debt, and much more. When you follow the terms of your agreement to repay your debts, all of your remaining dischargeable debts would be released at the end of the repayment period. The monetary amount assigned to creditors under a Chapter 13 bankruptcy must be equal to the amount they would have received if a Chapter 7 bankruptcy had been filed. To file Chapter 13 bankruptcy, you must have a “regular source of income” and disposable income to apply towards your repayments.

Normally, a chapter 13 bankruptcy is used when you want to keep secured assets, such as a ca

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