Archive for the ‘Bankruptcy’ Category

Ways for Avoiding Bankruptcy

Tuesday, June 7th, 2016

Ways for Avoiding BankruptcyDebt is considered to be the way which can leads you to any of the destructive side of your credit. It can adversely affect your credit score which can be considered a threat for you. So it is better to go for adopting ways for avoiding bankruptcy which can help you in maintaining and covering up your bad credit score which you are going to face up in future. Keep that thing in mind that being bankrupt is not a thing which can help you in getting your things done but it can adversely affect your business as well as your personal finance too. Well, there are many ways for avoiding bankruptcy which can help you in not only maintaining your credit score but will also help in getting ideas regarding the things which you need to comply with.

For the further discussion, this article will help you in getting all such information and different ways for avoiding bankruptcy which can help you in getting and maintaining your credit score in the market. No doubt bankruptcy is going to affect your business but this ways of avoiding bankruptcy will help you in maintaining and not letting your credit score being bad. There are many ways of avoiding bankruptcy like selling some of your assets or the personal assets, asking for help from the creditors for paying off your debt, get the help from your relatives, etc. and many more of the things which can be considered as the ways for avoiding bankruptcy.

The further discussion will help you in getting all such knowledge which is to be mandate for the individuals who are at the edge of bankruptcy. The first and the foremost thing which you can go for and consider as the way of avoiding bankruptcy are to sell off your personal as well as business assets. Yes, it I considered to be important factor because if you will sell off your assets than it will help you in generating amount of cash and which you can pay to creditors from whom you have taken the money for. This money will be helpful in paying off the debt which you have taken from the market.

Go for asking from your creditors. We all know that creditors are considered to be those people who will ask for money from you and you will have to pay them, but tell them you situation and ask for money and assure them that you will pay off their money as soon as possible. This will bring confidence in not only you but the creditors and they will help you in getting your things done. Another way of avoiding bankruptcy is to ask for the money from your family and the friends which will help you in providing money for paying off your debt. This will help you in getting and maintaining your credit score which can be in danger with the effects of bankruptcy which you have got for. I know it is considered to be bad idea but you can definitely go for trying it out for once which will help you in coming out from this situation.

 

Filing For Bankruptcy: Why Do You Need A Lawyer And A Financial Advisor?

Wednesday, June 26th, 2013

bankruptcy lawyer, bankruptcyBankruptcy is nothing to be ashamed of. A person can have a bad time personally and financially and it’s not possible to keep a shiny credit score at all times. If you have been facing a lot of debt and loans and you can’t pay them back and you’re nearing a foreclosure, then its best to file for bankruptcy.

Every year, thousands of people file for bankruptcy and it’s the only way to start afresh. You should firstly get a bankruptcy lawyer and tell him or her, the details of the case you have. Make sure you get a good lawyer so that you can be guided well in the right direction. You need to understand that getting a financial advisor alone isn’t enough. The financial advisor can help you build your financial report and status again and the lawyer can handle the legal matters which are involved in a bankruptcy case.

How to deal with and avoid bankruptcy

Tuesday, July 10th, 2012

avoid bankruptcy, bankruptcy tipsTaking huge debts can always be a menace to your life. Bankruptcy is the state of a person or organization when one cannot repay his debts it owes to the creditors. You should try to avoid bankruptcy and learn to deal with it by settling your debts.

You can always do the following to get rid of your debts:

  • Selling your assets, like furniture, jewelry, electronic goods, etc, and using this money can be a good option to pay your debts.
  • There are some luxuries which you can cut-off until you are clean of your debts, such as cell phones and satellite television.
  • Its equally difficult for the creditors as their money is stuck with you. So, you may request the creditors to reduce the interest rate and monthly payments, by explaining your financial condition and willingness to pay your debt.
  • Consumer credit counselors do come in handy to indulge in talks with the creditors.
  • In a hard state like bankruptcy, asking help from family and friends can be of great help to you. You should plan out how you would repay them once financially sound.

Try to avoid more debt during bankruptcy. Apart from reading the list, follow them in real life to help you overcome this state.

Three Useful Ways to Keep Bankruptcy At Bay

Wednesday, June 27th, 2012

Tips to avoid Bankruptcy, BankruptcyBankruptcy can be a very nasty blow to your financial condition. It is very difficult to get back to a financial stability once you have had a bankruptcy. Therefore, it is very important that you follow certain rules in order to stay away from bankruptcy. The first thing that you should do in order to keep bankruptcy at bat is keep a track of your credit condition.

Make sure you have all the transactions recorded and you know what account is meant for what. This will help you keep updated with your transactions and you will be able to make corrections or amends whenever there is a glitch. The next thing that you should do in order to stay away from getting bankrupt is clear off the debts. This is very important for a secured financial condition. Plan out how you will clear the debts and try to stick to the plan as much as possible. The final thing that you must follow for keeping bankruptcy at bay is paying off your taxes on time.

The Consequences of Getting a Divorce during Bankruptcy

Saturday, June 23rd, 2012

Getting a Divorce during Bankruptcy, bankruptcyAs if filling for bankruptcy wasn’t enough, getting a divorce at the same time can be an experience no one wants to have. However it has been seen that bankruptcy and divorce go hand in hand. Here are a few rules and regulations that you need to know when you are filing for divorce during bankruptcy.

1) While the divorce court can take decisions regarding child support, alimony etc, it cannot take decisions regarding the split of property as long as the matter is in the Feudal court due to bankruptcy.

2) If you file for chapter 13 bankruptcy you are liable to pay off the debt that you own to you ex-spouse. This means that even though you are going for divorce, it is compulsory for you to pay your joint debts.

3) You are also liable to pay for child support and alimony as decided during the divorce and neither chapter 7 nor chapter 13 of filing for bankruptcy will free you of the obligation.

Tips On How To Avoid Bankruptcy

Thursday, June 21st, 2012

Tips to avoid Bankruptcy, BankruptcyWith solid and smart money management skills, bankruptcy can be avoided. Otherwise bankruptcy can be very severe as it is a last resort to finances that leave you to tackle with years of financial effects that are negative. Taking the correct financial precautions early can save you from the financial disaster of being bankrupt.

One of the first steps to improve financial standing is to make a habit of maintaining a reasonable budget which helps to prevent bankruptcy. Chalk out your monthly income and expenses and decrease your unnecessary spending to make space for more savings and decrease the debt of your credit card. Another way to avoid a rapid bankruptcy is to avoid overextending the debt of your credit card. If you are facing financial problems and you can estimate that bankruptcy is on the cards then it is best to talk with your creditors to lower the interest rates or decrease the amount of debt to avoid filing a bankruptcy.

How Does Bankruptcy Affect Credit Score

Saturday, May 12th, 2012

Bankruptcy,  Credit ScoreAs far as your credit score or FICO score is concerned, running into bankruptcy will get you a negative effect on your FICO score.  Although the impact will be highly dependent on the entire credit profile of yours, for instance someone with a spotless credit along with a very high credit score can expect a big drop in their credit scores; Whereas, a person with a lot of negative areas on their credit report can experience a drop in the score which may be very modest.

One more thing that you should keep in mind is that the more the number of accounts you have included in your filing of bankruptcy, more will it affect your overall credit score. It can affect you in a long term basis as well as long as the bankruptcy is mentioned on the credit report. This is why it’s necessary to maintain a healthy credit balance all throughout.

Considerations to keep in mind while filing bankruptcy

Thursday, April 12th, 2012

filing bankruptcy,bankruptcyFiling bankruptcy can affect your credit report severely and make you ineligible for any loans. Deep down in debt, you might start thinking of filing bankruptcy but that does not ensure that you will be approved to file. There are clauses you should meet and it is the law court’s decision to let you file.

Debt negotiation is one prime way to avoid bankruptcy. Try to pay off your debts in small installments and negotiate the rates with your debtor. Involve in aspects that will get you a good credit report and engage in saving some amount after meeting your expenses from the monthly or weekly income. Bankruptcy is the last resort to get rid of your debts but this will have severe consequences as to mess up your credit report completely. It might take a decade before you become eligible for bank loans again. So consider all your options before filing bankruptcy.

How to file for bankruptcy: 7 steps

Friday, April 6th, 2012

filing bankruptcy, credit cardsFor any responsible person bankruptcy is a hard pill to swallow. Filing a bankruptcy is a last option, so first check if there is another option in place of filing a bankruptcy case. The effect of bankruptcy will be there for 10 years on your credit cards. There are two types of bankruptcy process, straight or liquidation bankruptcy and repayment plans for individuals. The former one needs patience so many of them consider the second option.

Then the most important element to file the case of bankruptcy is to hire a lawyer. A lawyer will help you out in many of the legal and question and answers round. While hiring a lawyer it is necessary to be clear about the fees of the lawyer.  Different lawyers have different payment modes and scales. There are many that will file your case for free or at a minimal cost. Let your lawyer speak and handle all your creditors on your behalf. Wait for your meeting with the creditors and trustee. Try to keep the trustee in confidence. Don’t use credit cards during the complete process because it may lead you to problems