Filing bankruptcy may be the most stressful and difficult decision you will make in your life. There are many financial stressors right now, and you may find that looking for a lawyer will only put more pressure on your pocket book. While it is true that legal fees tend to be high, the decision to use a bankruptcy lawyer is a good one, since in the long run it will probably be less expensive than not using a bankruptcy lawyer. There are many reasons why one should make the decision to use a bankruptcy lawyer than deciding to go it alone in court.
First, the recent bankruptcy laws have changed and deadlines are now stricter. If you fail to submit the correct paperwork on time, your case could be dismissed. The legalese involved in submitting documents may be difficult for the average person to understand, particularly if you are under significant stress. Making the decision to use a bankruptcy lawyer may prevent your case from being thrown out because of an error.
The decision to use a bankruptcy lawyer may not be as costly as you imagine. Obviously, bankruptcy lawyers are used to dealing with people who are suffering from financial difficulties, and it isn’t hard to find a reasonably priced bankruptcy lawyer. However, this doesn’t mean that you should find the cheapest one. Investing in a good attorney who specializes in bankruptcy cases is part of making the important decision to use a bankruptcy lawyer.
http://www.refresharticles.com/articles/bankruptcy/credit_cards_after_bankruptcy.TXT
Tuesday, November 13, 2007
How to Manage Credit Cards After Bankruptcy
When people get credit cards, many think that they can purchase anything they want practically for free, that they can just “charge it on the credit card” and worry about paying it later. However, these same people often spend their paychecks recklessly on everyday items and are not able to pay their regular bills, so they now have to think of how to manage their credit cards after bankruptcy.
Monetary Caution is Needed with Credit Cards After Bankruptcy
The first thing that people should do with their credit cards after bankruptcy is evaluate how many they really should have in the first place. While some people carry many credit cards, it is a good idea not to have more than two. Thus, aside from two, people should get rid of their lesser important credit cards after bankruptcy.
Of course, before getting rid of the credit cards after bankruptcy, there is the issue of being able to actually pay them off beforehand. It all has to do with the credit that the person has at the time. For example, if the person has good credit, then the credit card company might set up some sort of a payment plan to help the person pay off their debt.
However, if the person has horrible credit (after getting a credit card, since a person needs to be pre-approved to get one in the first place) then the credit card company might treat the bankruptcy situation differently. In this case, you will need to call the customer service of each credit card company and enquire about their payment options.
When it comes to consolidating your credit cards after bankruptcy, the best way to do that is to take the credit cards that have the most money on them and pay them off little by little until there is not debt on them. Next, take the credit cards that were not used at all (if applicable) and pay them off right away. It is best to focus on the higher-debt credit cards.
Making sure that your credit cards are still usable after your bankruptcy is something that you will have to find out, as it is determined by each person’s unique situation. It is important to realize that you might need a financial planner to help get you out of debt. With the proper planning, you are sure to figure out the right ways to spend your money.
http://www.refresharticles.com/articles/bankruptcy/credit_cards_after_bankruptcy.TXT
Monetary Caution is Needed with Credit Cards After Bankruptcy
The first thing that people should do with their credit cards after bankruptcy is evaluate how many they really should have in the first place. While some people carry many credit cards, it is a good idea not to have more than two. Thus, aside from two, people should get rid of their lesser important credit cards after bankruptcy.
Of course, before getting rid of the credit cards after bankruptcy, there is the issue of being able to actually pay them off beforehand. It all has to do with the credit that the person has at the time. For example, if the person has good credit, then the credit card company might set up some sort of a payment plan to help the person pay off their debt.
However, if the person has horrible credit (after getting a credit card, since a person needs to be pre-approved to get one in the first place) then the credit card company might treat the bankruptcy situation differently. In this case, you will need to call the customer service of each credit card company and enquire about their payment options.
When it comes to consolidating your credit cards after bankruptcy, the best way to do that is to take the credit cards that have the most money on them and pay them off little by little until there is not debt on them. Next, take the credit cards that were not used at all (if applicable) and pay them off right away. It is best to focus on the higher-debt credit cards.
Making sure that your credit cards are still usable after your bankruptcy is something that you will have to find out, as it is determined by each person’s unique situation. It is important to realize that you might need a financial planner to help get you out of debt. With the proper planning, you are sure to figure out the right ways to spend your money.
http://www.refresharticles.com/articles/bankruptcy/credit_cards_after_bankruptcy.TXT
Bankruptcy: The Implications
Those with debt problems too often subscribe to groundless myths and hearsay without ever understanding the law, and therefore the implications, of bankruptcy. Therefore, those with unmanageable debt should be aware of a few key facts before filing for bankruptcy. After all, how else will they know what life will be like after declaring themselves bankrupt? Let us look briefly at a few implications of liquidation.
Despite common belief, bankruptcy will not necessarily prevent you from getting credit. In today’s competitive lending market there are many lenders who are willing to take a risk in offering credit. Of course, the limit will be lower than usual, and the interest rates may be higher than before, but applying for credit after bankruptcy need not be the wild goose chase it’s made out to be.
What about home ownership? Is it possible to get a loan or mortgage after bankruptcy? Well, many lenders have been known to approve a mortgage to bankruptcy debtors in as little as 18 months after their liquidation. Again, there are lenders who are willing to take the risk, and many are willing to look at bankruptcy as a sign of your past problems with money, not as a warning about your future.
Finally, what about your pension savings? How will they be affected by your bankruptcy? Hopefully, not at all. Most pensions and savings plans are exempt from your estate upon bankruptcy, so they can’t be liquidated to repay your debts. However, there are exceptions to this rule. Outstanding tax liens are not generally forgiven after bankruptcy, so any taxes owed may be attached to your 401K, IRA, or other savings plan. You should bear this in mind before considering bankruptcy.
In any case, the best advice is always to seek professional counsel. A dedicated financial advisor can let you know all the facts about bankruptcy, as well as its implications. Only then can you make the right decision for you.
http://www.refresharticles.com/articles/bankruptcy/Bankruptcy%20-%20The%20Implications.txt
Despite common belief, bankruptcy will not necessarily prevent you from getting credit. In today’s competitive lending market there are many lenders who are willing to take a risk in offering credit. Of course, the limit will be lower than usual, and the interest rates may be higher than before, but applying for credit after bankruptcy need not be the wild goose chase it’s made out to be.
What about home ownership? Is it possible to get a loan or mortgage after bankruptcy? Well, many lenders have been known to approve a mortgage to bankruptcy debtors in as little as 18 months after their liquidation. Again, there are lenders who are willing to take the risk, and many are willing to look at bankruptcy as a sign of your past problems with money, not as a warning about your future.
Finally, what about your pension savings? How will they be affected by your bankruptcy? Hopefully, not at all. Most pensions and savings plans are exempt from your estate upon bankruptcy, so they can’t be liquidated to repay your debts. However, there are exceptions to this rule. Outstanding tax liens are not generally forgiven after bankruptcy, so any taxes owed may be attached to your 401K, IRA, or other savings plan. You should bear this in mind before considering bankruptcy.
In any case, the best advice is always to seek professional counsel. A dedicated financial advisor can let you know all the facts about bankruptcy, as well as its implications. Only then can you make the right decision for you.
http://www.refresharticles.com/articles/bankruptcy/Bankruptcy%20-%20The%20Implications.txt
Trauma of Bankruptcy
Nobody likes to admit defeat. For some people, filing bankruptcy means just that. It means that they have failed at repaying the debts that seem to be mounting daily. The whole idea of filing bankruptcy is an ominous one that often has a negative stigma attached to it. Every year, many Americans face the trauma of bankruptcy.
The trauma of bankruptcy has many facets. First, it affects people financially. Many times, it means having to give up a vehicle or even a home that you can no longer afford. It may mean you’ll no longer be able to secure loans easily since the trauma of bankruptcy can follow you for years to come.
Along with the financial trauma of bankruptcy comes the emotional trauma of bankruptcy. For many people, bankruptcy was something they tried to avoid at all costs. They fought diligently to pay off the bills in order to avoid filing bankruptcy, and in the end were unsuccessful. The feeling of failure is something that affects a person profoundly.
If you are facing the trauma of bankruptcy, be comforted by the fact that filing bankruptcy doesn’t have to be a negative experience. For some people, it has been just the opposite. It has been a burden lifted from their shoulders as they are able to regain control of their financial obligations with a fresh new start. It means facing the future with a clean slate and no previous financial obligations. For many people, it can be a wonderful new beginning.
http://www.refresharticles.com/articles/bankruptcy/The%20Trauma%20of%20Bankruptcy.txt
The trauma of bankruptcy has many facets. First, it affects people financially. Many times, it means having to give up a vehicle or even a home that you can no longer afford. It may mean you’ll no longer be able to secure loans easily since the trauma of bankruptcy can follow you for years to come.
Along with the financial trauma of bankruptcy comes the emotional trauma of bankruptcy. For many people, bankruptcy was something they tried to avoid at all costs. They fought diligently to pay off the bills in order to avoid filing bankruptcy, and in the end were unsuccessful. The feeling of failure is something that affects a person profoundly.
If you are facing the trauma of bankruptcy, be comforted by the fact that filing bankruptcy doesn’t have to be a negative experience. For some people, it has been just the opposite. It has been a burden lifted from their shoulders as they are able to regain control of their financial obligations with a fresh new start. It means facing the future with a clean slate and no previous financial obligations. For many people, it can be a wonderful new beginning.
http://www.refresharticles.com/articles/bankruptcy/The%20Trauma%20of%20Bankruptcy.txt
Using a Bankruptcy Lawyer
Many people think they can represent themselves in court when they file for bankruptcy, rather than hiring a bankruptcy lawyer. This is a mistake many make, and it can have far-reaching consequences. A bankruptcy lawyer has specialized information that the average person lacks, and knows the details of bankruptcy law, which has changed in recent years. A small error in paperwork, for instance could lead to one’s case being dismissed. This is less likely to happen if one is using a bankruptcy lawyer than going it alone.
Some believe that they can get around problems with paperwork by hiring a paralegal rather than using a bankruptcy lawyer. This is a misconception, because paralegals charge exorbitant fees just to prepare documents, and unlike bankruptcy lawyers, they will not represent you in court. It is much better to invest the money in using a bankruptcy lawyer than hiring a paralegal who will not guide you through the process of filing bankruptcy.
When you have realized that using a bankruptcy lawyer is by far the best option when filing bankruptcy, you will have to do some research to find out which bankruptcy lawyer is for you. It is perhaps worthwhile to visit a bankruptcy court during a trial to see which lawyers you want to work with. You will want to hire a bankruptcy lawyer whose specialty is bankruptcy, since the changes to bankruptcy law are complicated. Finally, you will want someone with experience and yet, is not too busy to pay attention to your case and to take care of your needs.
http://www.refresharticles.com/articles/bankruptcy/Using%20a%20Bankruptcy%20Lawyer.txt
Some believe that they can get around problems with paperwork by hiring a paralegal rather than using a bankruptcy lawyer. This is a misconception, because paralegals charge exorbitant fees just to prepare documents, and unlike bankruptcy lawyers, they will not represent you in court. It is much better to invest the money in using a bankruptcy lawyer than hiring a paralegal who will not guide you through the process of filing bankruptcy.
When you have realized that using a bankruptcy lawyer is by far the best option when filing bankruptcy, you will have to do some research to find out which bankruptcy lawyer is for you. It is perhaps worthwhile to visit a bankruptcy court during a trial to see which lawyers you want to work with. You will want to hire a bankruptcy lawyer whose specialty is bankruptcy, since the changes to bankruptcy law are complicated. Finally, you will want someone with experience and yet, is not too busy to pay attention to your case and to take care of your needs.
http://www.refresharticles.com/articles/bankruptcy/Using%20a%20Bankruptcy%20Lawyer.txt
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