Finances and Money Management Made Simple

Is Bankruptcy Right For You? What To Consider Before Filing

If you are having issues with your financial affairs and can't seem to keep up on top of all of your bills, you likely want a solution that will work. Some individuals consider bankruptcy as a way to get a hold of their financial future and get a fresh start. If you're considering filing for bankruptcy, you want to make sure that you know exactly what you're getting into and that you're fully prepared. Keep reading to learn what to consider before filing.

Understand How Bankruptcy Will Affect You

While filing for bankruptcy can allow you to remove some or most of your debts, it may have some negative effects as well. For example, it won't look good on your credit report. This serves as a warning sign to creditors that you weren't able to pay past debts. It can stay as a mark on your record for 7-10 years! That's a long time and it may mean that you're unable to get good loans or take advantage of certain financial opportunities during that time. Take some time to educate yourself on what happens after you file. 

Decide on the Best Type of Bankruptcy

There are a few different types of bankruptcy to choose from. It's a good idea to better learn about each so you know what you're getting into. You will need to meet certain qualifications for some. Talking with a bankruptcy law attorney is a great way to learn more about the best choice for you.

Don't Do It Alone

It's best to have an expert on your side. Bankruptcy is a time-consuming, stressful, and often confusing process. When you have an attorney guiding you, it means less worry. It may also increase your chances of being approved. 

Have a Plan for the Future

You want to have a plan for the future. If you've struggled with money management in the past, you want to do better. Take some time to really set up a budget that will work. Make sure that you're able to set aside some savings in the future and only charge things that you can afford. Learning new money management habits and having a solid plan will pay off later.

Filing for bankruptcy may be a good solution for you. You just need to educate and prepare for the process ahead of time. Contact a bankruptcy attorney, like those at Molleur Law Office, today to learn more about what to expect or to begin discussing your individual situation. 

About Me

Finances and Money Management Made Simple

While it wasn't my favorite subject in school, I have always been very good at math. When I started college, I decided to major in finance, because I thought it would be easy for me since I was so good at math. I learned that I was very wrong! My finance classes were tough, but due to my dedication to completing my bachelor's degree with a great GPA, I studied and performed well in them. I am now in graduate school, and while it keeps me busy, I want to "pay it back" to society and decided to start a blog to share what I have learned about investments, accounting, and general money managing. I feel like there are so many people who need advice and don't know who to turn to. I plan to make blog posts as often as I can, so please come back and learn!