How to Make Bankruptcy Work For You Laurent Carrier
Bankruptcy can be such a negative experience, but with proper guidance and the right sources of information, it can be a positive solution to an otherwise, unbearable situation. If you are looking at bankruptcy, consider the following advice of Laurent Carrier, a retirement planner in Colorado Springs, Colorado.
It should guide you through the process and see you through it, unscathed.
When you file for bankruptcy you limit your options for many future loan options. Many banks do not forgive bankruptcy and it shows on your credit report for 10 years. Think twice before making the decision to file for bankruptcy. You might want to defer your bills for a couple of months, instead of hurting your credit for 10 years.
Once you have filed for bankruptcy, you will have to do your best to build your credit all over again.
“Do not be tempted to allow your credit account to have nothing on it, so it will appear to be fresh,” says Laurent Carrier. “This will send a bad signal to anyone who is looking at it.”
Seriously consider if bankruptcy is the right choice for you. If you do not owe too much in credit card debt and medical bills, you might be able to handle the debts yourself with credit counselors and payment arrangements.
Bankruptcy can be a serious financial choice, so make sure you consider all your options carefully.
Laurent Carrier suggests that if you are trying to rebuild credit after filing for bankruptcy, you should apply for secured credit cards. These can help you establish credit, but you have to make sure that they are one of the companies that report to the major credit bureaus, since all of them do not. Before you decide to file for bankruptcy, be sure to obtain a free consultation with a bankruptcy attorney.
Depending on where you live, you have the right to speak to an attorney before filing. Any good attorney will offer a first appointment free.
This is an important consultation, as you will need the answers to many questions. These may include: attorney fees, what type of bankruptcy to file, and what types of information, paperwork you will need to provide.
Most importantly, an attorney will be able to determine if filing for bankruptcy is the right decision for you. Bankruptcy laws vary from state to state. Play it safe and hire an attorney that works in your own state to be sure that the correct laws are followed.
“Some lawyers are better than others, so be sure to select one that is qualified to handle your case. It could make a big difference in how smoothly things go and the end result,� comments Laurent Carrier.
Once you have filed for bankruptcy, do not discontinue payment on secured loans. These loans are the ones for your car or your home. Even if you are not receiving paper bills or statements on these accounts, make the regular payment on time, each month. These are likely the possessions you do not want included from the bankruptcy. Facing bankruptcy is hard enough in and of itself, therefore, you don’t need to go through the process blind and be subject to misguidance and further hardship. We hope this article has shed some light on the better ways of filing, the right people to turn to, and the best solutions for your personal circumstances.
Thank You!