Those who have been through the experience likely already know about the sheaths of paperwork that must be filled out and filed for a Chapter 7 bankruptcy. It can take a long time to complete the paperwork, and this requirement can only add to the stress of the situation. For people in a big hurry, there is little-known method of filing a Chapter 7 bankruptcy that trims the required documentation considerably.
If you have gathered so many past due bills and closed accounts that it is causing you to get further and further behind, then bankruptcy may be your best option. Bankruptcy gives you relief from these things and serves as a way to put those debts you can't pay in your past. Once you have gone through the process of filing bankruptcy, you will need to rebuild your credit.
Get a secured credit card
If you are threatened with one or more wage garnishments from creditors, this could make it impossible for you to pay other important bills like utilities, rent/house payment, insurance, or vehicle loans and you may not have enough wages to buy necessities like food and gas. There are 5 ways to deal with garnishments so that you won't face disaster.
1. Make sure you still owe the debt.
There have been times when people have either forgotten they paid a debt or they feel intimidated by a creditor even if they do remember they already paid it off.
If you are overwhelmed by debt, you may decide to seek relief by filing for bankruptcy. Two of the most popular bankruptcy options are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcies rid a debtor of practically all of his or her unsecured debt without requiring repayment to the lenders. However, it can be difficult to qualify for this type of bankruptcy. Qualification is dependent on a means test that reviews the amount of disposable income that you have.
There are a lot of decisions that must be made when you are planning to file for Chapter 7 bankruptcy. Some aspects of your life can be impacted by filing, so your attorney might caution you to wait. Here are two situations, in which you should discuss if waiting or acting before you file bankruptcy is the best option.
Just like a Chapter 7 bankruptcy filing, divorce is a legal action that can require your time, energy, and money to complete.