Becoming disabled and no longer being able to work can be life-changing. Not only do you lose your income, you face the very real possibility of losing everything you've worked hard to obtain throughout your life, including your home, your vehicles, and your savings. Fortunately, you are able to file for social security disability.
However, it may take quite a while to get through the approval process and receive your first disability payment.
Filing bankruptcy can be a frustrating process. You don't just sign a paper and have your social security number wiped clean. It's a process that involves notifying each individual creditor. Along with notifying creditors, you have to file paperwork with the courts and appear in court as well. If you are thinking about filing for bankruptcy, you might want a heads up about what to expect from the process so you can prepare yourself.
If you plan to file Chapter 7 bankruptcy but inherit property from a deceased loved one's estate, it may tempt you to hide the inheritance from your creditors. However, you shouldn't do that. Hire a bankruptcy attorney and take the right steps to protect your inheritance. The attorney needs to look over several important dates, including the date of your loved one's death. The dates play an important role in whether or not you keep your inherited property after bankruptcy.
Are you struggling under a load of debts that are slowly pulling your credit score to the bottom and interrupting your daily life? In these serious cases, a Chapter 7 bankruptcy is often the best way to reclaim your financial stability without losing everything. However, these five common life changes can interrupt bankruptcy filing, so arrange your financial plans around these events instead.
Inheritance and Gifts
A sudden spike in income can leave you in trouble during a Chapter 7 bankruptcy filing.