Finances can be incredibly stressful, especially when you're having money troubles. If your debt and bills are piling up and you have no way to pay them off, you may want to file for bankruptcy. Filing for bankruptcy may sound frightening, but you don't have to be alarmed. Here are three things you should do before you file.
1. Consider it carefully
According to NOLO, you can only file for bankruptcy once every seven years, and bankruptcy significantly lowers your credit score.
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If you have just found out about a large amount of debt your spouse has accumulated with credit cards and accounts in their name, and you weren't aware of these debts, you need to evaluate your financial situation quickly. If you think that you are now so far in debt that you couldn't possibly pay all of the money back, and that you were already in financial strife before you found out about these new debts, it may be time to get in contact with a bankruptcy attorney.
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Bankruptcy is not a fast process, especially if you don't have all of the financial information that you need in order to file. You need to take your time and gather all of the right information to ensure you include all of your creditors in your bankruptcy and are not responsible for something you forgot to include. Read on for what you need to have before you file for bankruptcy.
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While it can be humiliating and humbling to admit that your financial situation has gotten out of control, it may be necessary for you to face the facts and take action. Failure to declare bankruptcy in a timely manner could put you at risk for losing property, harassment by creditors, and costly court judgments.
The bankruptcy process requires that you make but one public appearance in connection to your chapter 7 bankruptcy filing, known as the creditor's meeting.
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If your business has been experiencing a downturn recently, you might be struggling just to keep up with the payments on your current business loans. If this describes your current situation, you should know there is a possible solution that can help. Debt consolidation could be just the thing you need to free up some of the money currently going to your loans every month in order to start pushing your business back in the right direction.
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