Friday, February 8, 2013

Whose Business Is My Bankruptcy

When you file for bankruptcy you have to give the courts endless amounts of information.

You would think that the information would be all monetarily oriented but the cold truth is that filing for personal bankruptcy touches every part of your life. The information that is required by the courts is essentially your life story. 

You Are Required By Law To Declare What You Own


You have to tell the court of course what you have, what you intend to sell to satisfy your debts and what you would like to keep and why you think you are entitled. You have to tell them everyone you owe money to and why you owe that money. 

Your Personal Details Can Be Kept For Up To Ten Years


You must give up all your personal information as far as address, social security number, bank accounts, credit card numbers, birth date, and phone numbers. You must list all your assets in detail and exactly how much they are worth.

Your trustee scrutinizes everything that you buy and or spend after your filing. 

Whose Bisiness Is My Bankruptcy

All of this information is recorded and kept between 7 and 10 years.

Thursday, February 7, 2013

Exploring Your Credit Options During Troubled Times

If you need help with how to use credit properly so you don't get into trouble or what to do when your debts have gotten out of control, then knowing what options exist for you is very important.

Exploring Your Credit Options During Troubled Times

Here we present the options that are available to you.

Credit Counseling

Credit counselors are both certified and trained in the area of personal finance, consumer credit, budgeting and the management of debts.

If you feel like you no longer have control over your money or if you are just starting down the financial road and want to get started off on the right foot, then a professional credit counselor might be the answer for you.

Wednesday, February 6, 2013

The Advantages and Disadvantages of DMPs

DMP is the acronym for debt management plan.

The Advantages and Disadvantages of DMPs
A debt management plan is a type of debt relief whereby payment plans are arranged with creditors in order to pay down (and pay off) existing debts.

The DMP is designed with respect to a realistic budget for the debtor in order that he or she will have no difficulties in making the payments.

It is common for credit counseling agencies to recommend a debt management plan as an alternative to filing for bankruptcy.

For some individuals, this type of plan is the best solution possible for their money concerns.

If you choose to go the debt management plan route then you will do so through a debt management company.

It is to the company that all of your payments will be made. There are advantages and disadvantages of choosing a debt management plan.

Here we explore both sides of DMPs.

Tuesday, February 5, 2013

Take Steps to Repair Your Bad Credit

The credit rating you have plays an integral role in whether or not you will be extended credit in the future following a bankruptcy.

The credit you seek could be anything from a credit card, a personal loan, a car loan or a mortgage. The important thing is that you want to be told yes as opposed to no by the creditor in question.

Bankruptcy will show up on your credit report and there is nothing you can do about it. Do not be taken in by credit repair companies that claim that they are able to completely erase a bankruptcy off of your record.

Monday, February 4, 2013

Preparing to File for Bankruptcy

If you make the decision to file for bankruptcy then there are certain things you must do in preparation.

Bankruptcy is a legal proceeding that is very complex and that is why learning everything that you possibly can about the process is so important. The more you know, the better able you will be to cope with everything that is to come.

Search the Internet for information about bankruptcy and get in touch with a professional in the field to find out all that you need to know. Be aware that the laws regarding bankruptcy underwent changes in 2005 so take the time to find out how these laws will affect you.