When financial circumstances beyond your control such as loss of income, divorce, or a catastrophic medical condition push you over the brink, you may have no other recourse than claiming bankruptcy. However, that does not mean that you will never be able to get credit again. On the contrary, it is now relatively simple to get back on track after filing bankruptcy, and it’s imperative that you immediately take steps to improve upon your credit rating.
When you file Chapter 13 bankruptcy it effectively wipes out your debt, or at least a major portion of it. You may still be responsible for taxes and other government debts, and child support payments. The words filing bankruptcy does carry a strong negative undertone, and there are some people who may feel that you’ve done something wrong. Do not allow them to drag you down during the filing bankruptcy process.. Instead, you should start bankruptcy counseling right away to give yourself a truly fresh start that will give you a much more positive and healthier financial status in the coming years!
If you happen to have a good car that you still owe money on, file chapter 13 bankruptcy may be the way to go. You will get to keep the vehicle and continue paying it off. A reaffirmation tells the lender that you want your car and will make the payments faithfully from that point on.
Many people keep vehicles with very high payments because they don’t think they’ll be able to buy another car for years after they have gone about claiming bankruptcy. That thinking is mostly flawed; though the interest rates will be higher, purchasing a less expensive car can help lower the payment.
Carefully consider this option, because if you do keep the car and can’t keep up with the payments, repossession after filing bankruptcy can have an even more detrimental effect on your credit rating. Surrendering the vehicle during the claiming bankruptcy process is usually going to be a better option.
Get Free Bankruptcy Evaluation Now
When you file Chapter 13 bankruptcy it effectively wipes out your debt, or at least a major portion of it. You may still be responsible for taxes and other government debts, and child support payments. The words filing bankruptcy does carry a strong negative undertone, and there are some people who may feel that you’ve done something wrong. Do not allow them to drag you down during the filing bankruptcy process.. Instead, you should start bankruptcy counseling right away to give yourself a truly fresh start that will give you a much more positive and healthier financial status in the coming years!
If you happen to have a good car that you still owe money on, file chapter 13 bankruptcy may be the way to go. You will get to keep the vehicle and continue paying it off. A reaffirmation tells the lender that you want your car and will make the payments faithfully from that point on.
Many people keep vehicles with very high payments because they don’t think they’ll be able to buy another car for years after they have gone about claiming bankruptcy. That thinking is mostly flawed; though the interest rates will be higher, purchasing a less expensive car can help lower the payment.
Carefully consider this option, because if you do keep the car and can’t keep up with the payments, repossession after filing bankruptcy can have an even more detrimental effect on your credit rating. Surrendering the vehicle during the claiming bankruptcy process is usually going to be a better option.
Get Free Bankruptcy Evaluation Now
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