Planning To File For Bankruptcy? Do These 2 Things First

The bankruptcy filing process requires a lot of planning, with certain actions that you take impacting the case. If you want to have a good chance at having your bankruptcy filing approved, you'll need to do these two things. Take a Means Test There are laws in place that are designed to prevent people from using bankruptcy if they do not need it. This is done through means testing, which compares how much you make to other people that live in your state.

Seven Things To Know Before You Go Bankrupt

Bankruptcy is often associated with "fresh start." Because of this general perception, many people tend to think that filing for a bankruptcy is the only solution to solve large financial woes. However, there are at least seven things you need to know before you go bankrupt. Long-term Ramifications You should know that filing for bankruptcy has long-term ramifications to your personal life. Bankruptcy stays on your credit report for as long as ten years, making most investors to shut you down.

Stuck in Perpetual Credit Card Debt? Free Yourself With Chapter 13 Bankruptcy

Sometimes it's easy to get into credit card debt,but hard to get back out. Circumstances such as a floundering economy or a failed marriage can leave an individual struggling just to pay the monthly interest on their unsecured debt. Paying only the minimum payment on your debts means that the principal, or the amount you owe, never goes down, so you're stuck in a an ongoing cycle of debt. Filing for Chapter 13 bankruptcy protection may be your best bet for getting back on your feet and freeing yourself from this burden.

3 Things To Know If You Are Filing Bankruptcy Alone While Married

Bankruptcy is something you can file if you need serious help getting out of debt, and it is something you can do alone or with your spouse. Married couples do not have to both file, if just one needs relief; however, there are three important things you should know if you are considering filing alone while you are married. Both Incomes Must Be Included The branch of bankruptcy you file will be dependent upon your income.