Top Five Facts That You Should Know if You Need to File For Bankruptcy

By on September 4, 2013

What happens in chapter 13 bankruptcy

Sometimes there is nothing a person can do about needing to file for bankruptcy. One of the best things that you can do if you need to file is to hire one of the many bankruptcy attorneys in the country to help you. This way you will be able to avoid mistakes and get access to the best advice possible. Here are a few facts that you need to know.

1. Did you know that even the uber rich real estate mogul Donald Trump has filed for bankruptcy not once but four times? It can be a necessary evil and hiring a bankruptcy lawyer to help you can make the entire process a little less confusing and stressful.

2. Nearly half, 43 percent to be exact, of American families have to spend more than they earn each year. Part of this is because of the fact that minimum wage in the United States does not cover the cost of living.

3. There are two types of personal bankruptcy that you can file if you really need to. Chapter 13 bankruptcy and Chapter 7 bankruptcy. Hiring bankruptcy attorneys to help you find out what the best option for you is the best thing to do.

4. After you have filed for bankruptcy, your credit rating will certainly suffer. The chances are, however, that the financial circumstances that led to bankruptcy will have already negatively affected the credit rating even if you decided not to file at all. By filing bankruptcy, you might be able to work on getting your finances back in order with a lot of careful work and planning.

5. Though you might not think that it is possible, with careful planning and professional financial management, it is possible to rebuild your credit after filing bankruptcy. It is a long and complicated process however. Filing for bankruptcy is truly a last resort to not be taken lightly. More on this topic.

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