Losing your home is never easy, but you can take steps to help alleviate some of the common stresses involved. Thinking ahead and setting both short term and long term goals, while also knowing what to expect, can help you recover more quickly from this difficult time.
Secure Your Living Situation
Your first goal for you and your family is to secure a safe living situation that is affordable and relatively comfortable.
Filing for the chapter 7 of bankruptcy is a well-known way to get relief when you owe money to one or more creditors. This is because it enables to prevent the seizure and liquidation of your personal belongings, for example. Indeed, thanks to this legal option, you'll have the opportunity to rearrange your finances and come up with a plan to solve your debt issues. But, did you know that there is a legal course that your creditors may use to take possession of your assets despite your bankruptcy chapter 7 filing?
If you recently filed for bankruptcy, you might have the thought that you will never get a line of credit again. While it is more difficult being approved for financing, that doesn't mean you will go the next decade without a loan. There are many ways you can still get a loan even after filing. The details about getting a loan depend on the type of loan you want, such as a mortgage loan or auto loan.
Bankruptcy can be a way to get a new start after debts from being unemployed, getting a divorce or having major medical bills have become too much. However, not all bankruptcy filings are alike. The two most common types of bankruptcy in the U.S. are Chapter 7 and Chapter 13, but there is a world of difference between the two. The one that's right for you will depend on your current income, your assets and the extent of your debts.
Bankruptcy is not just for the young. A fresh start may be necessary for a number of reasons. Many senior citizens find themselves deep in medical debt as advanced age takes its toll on the body. There are benefits to filing Chapter 7 bankruptcy and it can help you enjoy your retirement years.
Wipe out unmanageable debt Save your primary home Protect your income and retirement accounts Bankruptcy Basics