Bankruptcy can be such a negative experience, but with proper guidance and the right sources of information, it can be a positive solution to an otherwise, unbearable situation. If you are looking at bankruptcy, consider the following advice of Laurent Carrier, a retirement planner in Colorado Springs, Colorado.
https://medium.com/@laurentcarrier/how-to-make-bankruptcy-work-for-you-34e3af5cebfe
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How to Make Bankruptcy Work For You
1. How to Make Bankruptcy Work
For You
Laurent Carrier
2. Bankruptcy can be such a negative
experience, but with proper
guidance and the right sources of
information, it can be a positive
solution to an otherwise,
unbearable situation.
If you are looking at bankruptcy,
consider the following advice of
Laurent Carrier, a retirement planner in
Colorado Springs, Colorado.
It should guide you through the
process and see you through it,
unscathed.
3. When you file for bankruptcy you limit your options for many future loan
options.
Many banks do not forgive bankruptcy and it shows on your credit report for 10 years.
Think twice before making the decision to file for bankruptcy.
You might want to defer your bills for a couple of months, instead of hurting your credit for
10 years.
4. Once you have filed for
bankruptcy, you will have to
do your best to build your
credit all over again.
“Do not be tempted to allow
your credit account to have
nothing on it, so it will appear to
be fresh,” says Laurent Carrier.
“This will send a bad signal to
anyone who is looking at it.”
5. Seriously consider if
bankruptcy is the right
choice for you.
If you do not owe too much
in credit card debt and
medical bills, you might be
able to handle the debts
yourself with credit
counselors and payment
arrangements.
Bankruptcy can be a serious
financial choice, so make
sure you consider all your
options carefully.
6. Laurent Carrier suggests that if you are trying to rebuild credit
after filing for bankruptcy, you should apply for secured credit
cards.
These can help you establish credit, but you have to make sure that
they are one of the companies that report to the major credit
bureaus, since all of them do not.
Depending on where you live, you have the right to speak to
an attorney before filing. Any good attorney will offer a first
appointment free.
Before you decide to file for bankruptcy, be sure to obtain a free
consultation with a bankruptcy attorney.
7. This is an important consultation, as you will need the answers
to many questions.
These may include: attorney fees, what type of bankruptcy to file,
and what types of information, paperwork you will need to provide.
Bankruptcy laws vary from state
to state. Play it safe and hire an
attorney that works in your own
state to be sure that the correct
laws are followed.
Most importantly, an attorney will
be able to determine if filing for
bankruptcy is the right decision for
you.
8. “Some lawyers are better than others, so be sure to select one
that is qualified to handle your case. It could make a big
difference in how smoothly things go and the end result,”
comments Laurent Carrier.
9. Once you have filed for bankruptcy, do not discontinue payment on secured
loans.
These loans are the ones for your car or your home.
Even if you are not receiving paper bills or statements on these accounts, make
the regular payment on time, each month.
These are likely the possessions you do not want included from the bankruptcy.
Facing bankruptcy is hard enough in and of itself, therefore, you don’t need
to go through the process blind and be subject to misguidance and further
hardship.
We hope this article has shed some light on the better ways of filing, the right
people to turn to, and the best solutions for your personal circumstances.