Filing for bankruptcy can be a scary process, even if you know it is necessary. One of the most intimidating aspects of declaring bankruptcy is wondering what it does to your credit score. You may fear your credit will be in shambles for years to come – or even forever.
Everyone runs into financial difficulties from time to time. However, there may come a time when you face a serious financial concern that has the potential to impact your life in a number of ways.
With Chapter 13 bankruptcy, you can use your regular monthly income to repay some or all of your debt. Doing this over the course of three to five years goes a long way in helping you keep your assets.
When you're spending money on your credit card during the holiday season, it's easy to overlook the impact on your future. You assume you'll be able to handle all the debt that comes your way.
Thousands of people file for bankruptcy every year. Many of these stories fly under the radar because news outlets tend to only focus on companies filing for bankruptcy. One recent local example includes a Louisiana company that owns multiple nursing homes that had to file for bankruptcy.
It's never easy to admit, but if you can no longer make your mortgage payments, you need to be honest with yourself. Doing so increases the likelihood of saving your home and leaving yourself in a better financial position later.
There may come a time when you stand back and realize your debt is more than you can handle. You may have made some bad choices when during the holidays or you may have lived off credit cards between employment.Regardless of how the debt happened, you must now face the fact that bankruptcy is a viable option. What does life look like during and after you file?