How to go about filing chapter 7 bankruptcy and filing chapter 13 bankruptcy successfully.

 
Declaring oneself bankrupt is a last resort in trying to fix your failing finances. There are very serious consequences that happen when you go about filing chapter 7 bankruptcy. For example, the record of you filing chapter 7 bankruptcy cannot be erased for 10 years. However, before you take that final step, there are measures that you can try. Good personal bankruptcy attorney advice would be, don't get yourself into debt in the first place if at all possible since the cost of filing bankruptcy can be hard, and by watching your budget at all times and saving for the future and for emergencies. With all the advice in the world, sometimes you just get hit with something unavoidable like medical bills. In these circumstances you might have no choice but to go about filing chapter 13 bankruptcy.


While your credit will not be completely ruined if you file chapter 11 bankruptcy, it will remain on your credit report for up to 10 years. If you have a regular, decent income you will typically find you can receive credit even after you file chapter 11 bankruptcy. Most people find they can still purchase an automobile after the cost of filing bankruptcy and can then begin rebuilding their credit from there. If you think about it, your credit is already in terrible shape if you're even thinking about filing chapter 7 bankruptcy with all the past-due credit cards, house payments, utility bills etc. So basically, it's almost better to file and wipe your debts completely clean


The old saying of time and good behavior comes into the picture when trying to repair your credit after bankruptcy. The effects of a bankruptcy will fade with time and even while it does follow you, you can still work to repair your credit after a filing chapter 13 bankruptcy. You can do this by being financially responsible, by paying all of your bills on time, by reducing your debt, and by closing old accounts. Over time, this shows a potential financial lender that your past financial misfortune of filing chapter 7 bankruptcy was an isolated event, and that you've demonstrated your financial responsibility since that time. On the other hand, if the filing was just one of a long series of financial misfortunes and irresponsible actions, then it suggests a dangerous pattern to these financial lenders.