How to Survive Bankruptcy

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Yossarian Smythe has 108 Published Articles

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How to Survive Bankruptcy

Posted On : Jul-08-2009 | seen (542) times | Article Word Count : 638 |

Contemplating about the possibility of bankruptcy is not an uncommon thing people do. Now that the economic crisis is in its full force, many Americans have lost their jobs and are now completely desperate to make ends meet. It’s a sad fact, but it’s still a fact. Many have already filed for bankruptcy, while some are on the verge doing so. Bankruptcy can be ugly, but if you find yourself in this dark situation, remember to man up and confront the issues properly so that you will eventually rise above this and live normal again.

Fortunately, there are logical steps to help you get back on your feet during these difficult times. There are several types of bankruptcy but only Chapter 7 will be discussed as this is more applicable to most people. Chapter 7 is the most popular form of bankruptcy filing because there is complete liquidation of most assets and past debts, with the exception of some factors such as income tax and child support (if any). Once you file for Chapter 7, you are on your way to the process of getting rid of your problems and rebuilding your finances. Here’s a quick guide on how to do it.

Seek advice from experts

There is so much emotional turmoil associated with this event in anyone’s life. You may feel all alone and weak. Getting back up would be difficult if you are not emotionally and mentally prepared to do so. Fortunately, there are networks of experts and support groups that can help you go through your problems. Debtors Anonymous, for instance, provides a full support to people with similar problems. It offers a 12-step program to help you address your bad habits and decisions, as well as give counseling and talks on how to get finances back in order. Simply put, there are people just like you and are willing to help. You don’t have to go through all of this alone.

Learn discipline and rehabilitate yourself

The downside of filing for bankruptcy is all your assets will probably be confiscated, and you will have a hard time getting access to credit cards or other forms of credit for a long time. In other words, you will literally start from scratch. Reliance on cash in your bank account and other sources of income is the only way to go. However, when you look at the opposite side of the spectrum, you will come to realize that this may present the perfect opportunity to evaluate your bad habits and decisions when it comes to your finances. This is your chance to establish greater discipline and keep track of your spending patterns in a more organized and direct manner.

Rebuild and never look back

Filing for bankruptcy can indeed be scary, but one of the worst things you can do is give up and hide for the rest of your life. There are certainly emotional and psychological aspects in this predicament, but life must go on. So should you. Remember that bankruptcy is only temporary. If you apply for a credit card and didn’t get approved, don’t be embarrassed to try again. The credit card companies can’t ignore you forever. As long as you can prove to them that you can pay back, they will eventually give you a green light. One way to be on their good side is to provide collateral, that’s if you can get a hold of one. Whatever the case may be, it is important that you be more determined than discouraged in getting back up. This goes without saying, but once you file for bankruptcy and managed to come out of it, make a commitment to yourself and your love ones and not do it ever again.

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<h1>How to Survive Bankruptcy</h1> Author: <a href='http://www.articleseen.com/profile_Yossarian Smythe.aspx'>Yossarian Smythe</a> Contemplating about the possibility of bankruptcy is not an uncommon thing people do. Now that the economic crisis is in its full force, many Americans have lost their jobs and are now completely desperate to make ends meet. It’s a sad fact, but it’s still a fact. Many have already filed for bankruptcy, while some are on the verge doing so. Bankruptcy can be ugly, but if you find yourself in this dark situation, remember to man up and confront the issues properly so that you will eventually rise above this and live normal again.

Fortunately, there are logical steps to help you get back on your feet during these difficult times. There are several types of bankruptcy but only Chapter 7 will be discussed as this is more applicable to most people. Chapter 7 is the most popular form of bankruptcy filing because there is complete liquidation of most assets and past debts, with the exception of some factors such as income tax and child support (if any). Once you file for Chapter 7, you are on your way to the process of getting rid of your problems and rebuilding your finances. Here’s a quick guide on how to do it.

Seek advice from experts

There is so much emotional turmoil associated with this event in anyone’s life. You may feel all alone and weak. Getting back up would be difficult if you are not emotionally and mentally prepared to do so. Fortunately, there are networks of experts and support groups that can help you go through your problems. Debtors Anonymous, for instance, provides a full support to people with similar problems. It offers a 12-step program to help you address your bad habits and decisions, as well as give counseling and talks on how to get finances back in order. Simply put, there are people just like you and are willing to help. You don’t have to go through all of this alone.

Learn discipline and rehabilitate yourself

The downside of filing for bankruptcy is all your assets will probably be confiscated, and you will have a hard time getting access to credit cards or other forms of credit for a long time. In other words, you will literally start from scratch. Reliance on cash in your bank account and other sources of income is the only way to go. However, when you look at the opposite side of the spectrum, you will come to realize that this may present the perfect opportunity to evaluate your bad habits and decisions when it comes to your finances. This is your chance to establish greater discipline and keep track of your spending patterns in a more organized and direct manner.

Rebuild and never look back

Filing for bankruptcy can indeed be scary, but one of the worst things you can do is give up and hide for the rest of your life. There are certainly emotional and psychological aspects in this predicament, but life must go on. So should you. Remember that bankruptcy is only temporary. If you apply for a credit card and didn’t get approved, don’t be embarrassed to try again. The credit card companies can’t ignore you forever. As long as you can prove to them that you can pay back, they will eventually give you a green light. One way to be on their good side is to provide collateral, that’s if you can get a hold of one. Whatever the case may be, it is important that you be more determined than discouraged in getting back up. This goes without saying, but once you file for bankruptcy and managed to come out of it, make a commitment to yourself and your love ones and not do it ever again. 
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If you have ever taken out any payment protection insurance it may have been mis-sold and you could be entitled to claim it back. Real Claims specialises in <a rel="nofollow" href="http://www.realclaims.co.uk/ppi-agreements.asp">PPI</a> Compensation Claims and can help you claim your money back. Alternatively if you face financial troubles Wilson Field offer free <a rel="nofollow" href="http://www.wilsonfield.co.uk/individual/individual.htm">Debt Management</a> Advice.
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About the Author:

If you have ever taken out any payment protection insurance it may have been mis-sold and you could be entitled to claim it back. Real Claims specialises in PPI Compensation Claims and can help you claim your money back. Alternatively if you face financial troubles Wilson Field offer free Debt Management Advice.

Keywords : Debt, Mortgages, Store Cards, Loans, insolvency practioners, liquidations, cva's, iva's, administrations, debt problems,

Category : Finance : Finance

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