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A period of recession is gearing up or moving down frequently. Along with it, monetization of the market is making the ventures optimistic. The statistics say that this year is crucial for the small businesses and they look up for positive result. We have to wait and see the dramatic changes. Business and finance are two such generic terms on which people searches the maximum contents. Therefore, I am also sharing a cup of hot finance knowledge through my blog.

In the financial year of 2013, stay with me to move ahead.

Sunday, 14 September 2014

Going Broke: What to do When Filing for Bankruptcy

This is a Guest Post from Lizzie Weakley on Bankruptcy and how to file it without breaking yourself. Take a new kind of soup on Bankruptcy filing in her words....

Feeling the strain of your finances and the weight of unpaid debt that you've accumulated, and can be difficult to have a clear picture - how long it will take to obtain financial freedom.

From student loans to medical bills, it can be difficult to repay what you owe in a realistic time-frame. To regain the standing, bankruptcy can be the best option for relief that can jump-start your future. When deciding to file for bankruptcy, there are a few steps to be taken to start the process.

Prepare for the Cost

Although filing for bankruptcy is for individuals who may be on their last dollar, the process costs a fee due to the cost of filing the paperwork. The average cost is $1,700, but the fee can also depend on where you live. The cost must be paid in full, unless you obtain free court filing fees and legal services.

Hire a Consulting Firm

For those who decide to file for bankruptcy, the process involves plenty of paperwork and forms to fill out to complete each step. To prevent making mistakes and avoid signing your name to a document that you don't understand, you'll need to hire a consulting firm like Exelby & Partners Ltd. to ensure that the process is completed properly.

Obtain Credit Counseling

Filing for bankruptcy will harm your personal credit score, whether you already have bad credit or are in good standing. It's important to begin the process of rebuilding your score by obtaining the help of a credit counselor, which you'll be required to do within 180 days of filing.

Determine What You Qualify For

Every business who files for bankruptcy must research their options and determine what chapter they qualify for and if any assets can be kept. Chapter 7 is the most common type and includes clearing all debts while still allowing you to keep your property while you continue to make payments on the debt. Chapter 13 involves setting up a payment plan over a three to five-year time-frame.

For those who are going broke and find it difficult to repay their debt each month, filing for bankruptcy is a viable option that allows individuals to utilize their rights. By consulting the services of professionals and determining what you qualify for, it's possible to regain your financial freedom and work towards your future.

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