Will Life After Bankruptcy Really Be All You Imagine?
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Larence Hubert
May 6, 2013, 11:25:02 AM5/6/13
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Larence Hubert
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Article Title: Will Life After Bankruptcy Really Be All You Imagine?
Author: Larence Hubert
Word Count: 537
Article URL: http://www.isnare.com/?aid=219771&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=219771
Easy Publish Tool: http://www.isnare.com/html.php?aid=219771
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With a lot of myth and lore surrounding the debt discharge granted by the bankruptcy court, the potential filer will be wise to research the law and be prepared to answer honestly whether the benefits outweigh the liabilities. Will life after bankruptcy really be all you imagine or will you be sorely disappointed?
For example, if you imagine yourself completely debt free, you may be unpleasantly surprised to realize that domestic payments, court settlements, and government student aid debts cannot be discharged.
Although you know that getting credit will be harder, you also know that there are some companies that specialize in granting credits to those who have just emerged from bankruptcy. Yet are you prepared to face the steep costs of such credit? Car loans and credit card interest rates will skyrocket and finding that credit that costs others between five and seven percent will run you between 25 and 29 percent, seriously lowers your buying power.
In addition to the foregoing, make sure that you keep a watchful eye on your credit report. Life after bankruptcy may mean freedom from a plethora of outstanding debts, but it also requires you to clean up your credit profile and some creditors are notoriously slow in marking their accounts as having been discharged. While it may not have a huge impact now, when the dust has settled and you are moving on with your life, failure to have these items corrected will further prevent you from gradually rebuilding your damaged credit rating.
Before October of 2005, a simple and straightforward Chapter 7 bankruptcy filing meant that the debtor would soon have the ability to start over without being hounded by collection agencies, outstanding bills, a mountain of credit card debt, and also no more medical bills that may have led to an undue burden on the individual�s budget.
Yet all this changed after October of that year and after bankruptcy filing, debtors still were not home free but instead had to next subject themselves to intrusive, painful scrutiny that sought to discover the last hidden penny and red cent that could be used to pay toward a debt. In particular the means assessment was the watershed that caused many a family with young children to not get the much needed relief from a bankruptcy discharge, but instead forced some to linger in a hard to maintain Chapter 13 repayment plan.
By raising the value associated with a debtor�s possessions � never mind the fact that they could not be sold at that price on the open market � and thus effectively lowering the homestead exemption, the rise in Chapter 13 cases has led to families lingering on the brink of fiscal disaster in an effort to meet the court enforced and supervised repayment plan.
Those uncertain whether their filings will be accepted under Chapter 7, even if they passed the means test, need to understand that the odds are good that their claims will receive a much higher degree of scrutiny than prior to the changes in the law. Thus, anyone considering bankruptcy to be a backdoor option � if all else fails � will need to rethink their approach to fiscal health.
About The Author: Legal Helpers is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms. Bankruptcy attorneys answer the phones six days a week and evenings. http://www.legalhelpers.com
Please use the HTML version of this article at:
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*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
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*****************************************************************
Please consider this free-reprint article written by:
Larence Hubert
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=219771
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=219771
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Will Life After Bankruptcy Really Be All You Imagine?
Author: Larence Hubert
Word Count: 537
Article URL: http://www.isnare.com/?aid=219771&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=219771
Easy Publish Tool: http://www.isnare.com/html.php?aid=219771
*********************** ARTICLE START ***********************
With a lot of myth and lore surrounding the debt discharge granted by the bankruptcy court, the potential filer will be wise to research the law and be prepared to answer honestly whether the benefits outweigh the liabilities. Will life after bankruptcy really be all you imagine or will you be sorely disappointed?
For example, if you imagine yourself completely debt free, you may be unpleasantly surprised to realize that domestic payments, court settlements, and government student aid debts cannot be discharged.
Although you know that getting credit will be harder, you also know that there are some companies that specialize in granting credits to those who have just emerged from bankruptcy. Yet are you prepared to face the steep costs of such credit? Car loans and credit card interest rates will skyrocket and finding that credit that costs others between five and seven percent will run you between 25 and 29 percent, seriously lowers your buying power.
In addition to the foregoing, make sure that you keep a watchful eye on your credit report. Life after bankruptcy may mean freedom from a plethora of outstanding debts, but it also requires you to clean up your credit profile and some creditors are notoriously slow in marking their accounts as having been discharged. While it may not have a huge impact now, when the dust has settled and you are moving on with your life, failure to have these items corrected will further prevent you from gradually rebuilding your damaged credit rating.
Before October of 2005, a simple and straightforward Chapter 7 bankruptcy filing meant that the debtor would soon have the ability to start over without being hounded by collection agencies, outstanding bills, a mountain of credit card debt, and also no more medical bills that may have led to an undue burden on the individual�s budget.
Yet all this changed after October of that year and after bankruptcy filing, debtors still were not home free but instead had to next subject themselves to intrusive, painful scrutiny that sought to discover the last hidden penny and red cent that could be used to pay toward a debt. In particular the means assessment was the watershed that caused many a family with young children to not get the much needed relief from a bankruptcy discharge, but instead forced some to linger in a hard to maintain Chapter 13 repayment plan.
By raising the value associated with a debtor�s possessions � never mind the fact that they could not be sold at that price on the open market � and thus effectively lowering the homestead exemption, the rise in Chapter 13 cases has led to families lingering on the brink of fiscal disaster in an effort to meet the court enforced and supervised repayment plan.
Those uncertain whether their filings will be accepted under Chapter 7, even if they passed the means test, need to understand that the odds are good that their claims will receive a much higher degree of scrutiny than prior to the changes in the law. Thus, anyone considering bankruptcy to be a backdoor option � if all else fails � will need to rethink their approach to fiscal health.
About The Author: Legal Helpers is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms. Bankruptcy attorneys answer the phones six days a week and evenings. http://www.legalhelpers.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=219771
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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