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Exploring Your Bankruptcy Alternatives

When you feel like you cannot get your personal debt under control, filing for bankruptcy can be an attractive option. For many individuals, bankruptcy is the key to having their debts discharged and moving forward with their lives. Although bankruptcy can be a great tool, it is likely not your only option. Depending on your circumstances, you might be better suited to one of the bankruptcy alternatives discussed below. Never make a decision about filing for bankruptcy without first discussing your situation and your options with an experienced bankruptcy lawyer. You could have more options than you realize.

You Might be Able to Consolidate your Debts

When you have a lot of debts to pay off, one of the challenges you face is simply keeping each payment's due date and required amount straight. A way you can make this easier for yourself is to obtain a debt consolidation loan, which is a single loan that pays off all your existing debts, leaving you with only the one loan to repay. Typically, these loans take two to five years to repay through fixed monthly payments.

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What Happens During a Pre-filing Credit Counseling Session?

When you file for bankruptcy, you are required to receive credit counseling from a qualified source. This is to help you gain insight about how debt and credit work, how you got into your particular situation, and to help you develop strategies that you can use to avoid going into unmanageable debt again in the future.

If you are considering filing for Chapter 7 or Chapter 13 bankruptcy, you might be wondering what to expect from your pre-filing credit counseling session. The thought of having to sit down with a professional and discuss personal details of your financial life can be stressful, but remember, it is ultimately to help you come out of your bankruptcy stronger and ready to manage your finances in a healthy, productive way.

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Can I Get a Credit Card After Bankruptcy?

If you are currently going through the bankruptcy process or have recently completed it, you are probably hearing and reading advice from many different sources. The advice you receive might be contradictory or inconsistent, with some parties advocating strategies that would not work in your situation or seem like they would get you back into debt, rather than help you stay out of it. One piece of advice you have undoubtedly received is to take steps to rebuild your credit. But how? After bankruptcy, your credit score is severely damaged and will remain that way for years, possibly up to a decade.

You can start by getting another credit card. This might seem impossible, but it is actually a fairly simple, straightforward solution. Secured credit cards, credit cards that are backed by a collateral cash amount that you give to the bank to open the card, are a great option for rebuilding a damaged credit score. But they are not the only option. For many individuals, it is possible to get another unsecured credit card to start rebuilding credit again.

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Tagged in: Bankruptcy Credit Debt
Four Ways Bankruptcy Can Follow You for Years

Filing for bankruptcy could be one of the best decisions you ever make, but it is a decision that has consequences and should not be taken lightly. In fact, bankruptcy might not be the right choice for you, depending on your circumstances. Before making any drastic decisions about how to manage your debt, consult with an experienced bankruptcy attorney.
Keep these long-term consequences in mind as you learn more about the topic.

Bankruptcy Stays on Your Credit Report for Years

When you file for bankruptcy, that bankruptcy stays on your credit report for up to 10 years. This is visible to any party that pulls your credit report, such as a bank or other lending institution when you decide to purchase a home, car, or take out another type of loan.
This does not mean that you cannot get a new loan or open a new credit card. In fact, doing these things can actually help you repair your credit by giving you the opportunity to build positive credit.

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What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?

There are a lot of differences between Chapter 7 and Chapter 13 bankruptcy. You need to know these differences before you file for bankruptcy – depending on your circumstances, you might only be eligible for Chapter 13 bankruptcy. Even if you are not limited to this type, it might be a better choice for you than Chapter 7. Talk to an experienced bankruptcy attorney about the differences between Chapter 7 and Chapter 13 bankruptcy to determine which type is best for your situation. Your attorney can also explain the bankruptcy process to you in detail and guide you through each step, advising you as you work to regain control of your finances.

Chapter 13 and Chapter 7 bankruptcy are both designed for individuals who have more personal debt than they can realistically repay. Personal debt refers to credit card debt, medical debt, and in some cases, small business debt. Other types of bankruptcy include Chapter 11, Chapter 12, and Chapter 9. These are meant for businesses, family farmers and fishermen, and municipalities, respectively.

You Have to Qualify to File for Chapter 7 Bankruptcy

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Tagged in: Bankruptcy Debt
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