After scheduling an initial bankruptcy consultation, it is important to adequately prepare for the meeting, which includes gathering all of the appropriate documents. Without bringing the necessary paperwork, it is much more difficult for an experienced bankruptcy lawyer to assess your situation. The following will outline each of the documents that you should remember to bring to a meeting with a lawyer about your bankruptcy filing. Identification One of the most important pieces of information to bring to a bankruptcy consultation is identification. It is also important to confirm your social security number, so bring your Social Security card with you. Details About Income To file for bankruptcy, a person must provide proof of their average monthly income for the six months before they entered the bankruptcy process. This means that a person should make sure to bring income records to bankruptcy consultations. Some of the documents you should plan to bring to establish your income include details about alimony, bonuses, child support, commissions, dividends, income, interest, pension income, rental income, social security, retirement income, tips, and unemployment income. Income Tax Returns It is critical to make sure to bring the past two years of income tax returns to a [...]

Filing for bankruptcy can be an uncomfortable and overwhelming experience. While bankruptcy has the potential to let a person rebuild his or her credit score, bankruptcy can also cause a number of challenges including difficulty in securing credit. The following will review some strategies people can use to bounce back more quickly after filing for bankruptcy. Create a Budget If you are not familiar with living on a budget, it can be difficult to begin doing so. The first step in being able to successfully manage money, however, is to create a plan to do so. A budget should cover all of the necessities that you need to pay each month including mortgage or rental and insurance costs.   Use Cash to Pay for Things Carrying around a small amount of cash can help make sure that you stay on budget and avoid buying more than you can afford. While using cash might be a good temporary way to avoid excessive spending, some people discover that this is a particularly effective way to reduce sending and make it a permanent habit. Pay Bills on Time Late payments suggest to lenders that you are not responsible in handling you money. In [...]

The bankruptcy process can forever change your life. While many people are capable of realizing positive change through bankruptcy, by making mistakes during the process, some people can end up facing obstacles that last for years. The following will review some common mistakes to avoid when filing for bankruptcy. Not Honestly Disclosing Your Assets Chapter 7 bankruptcy involves a means test, which requires you to disclose all of your assets and income because this amount determines your ability to pay off creditors. If you do not honestly disclose your assets, there is a good chance that your case will be dismissed. In some situations, you might even be prohibited from ever filing for bankruptcy again. Giving Assets to Family Members You are prohibited from giving away any of your assets to friends or relatives with the understanding that they will give the assets back to you at a later date, after your bankruptcy filing is complete. There is a risk that if you attempt to hide assets in such a way, you could end up losing them. Accruing Credit Card Debt Before Filing for Bankruptcy If a creditor determines that you purposefully accrued additional credit card debt in anticipation of [...]

Many people are aware that after they file for bankruptcy, details about the event will appear on their credit report for at least the next few years. Some people discover that the bankruptcy process impacts their ability to rent an apartment even after the bankruptcy is complete. Factors Landlords are Likely to Consider There are several factors that a landlord is likely to consider when deciding if a person is a good candidate to rent an apartment. Some of these factors include:   Disposable incomes. Landlords almost always place great emphasis on the amount of disposable income that a person has to pay rent. A landlord who owns a property will often be willing to listen to a person’s story about bankruptcy and consider extenuating factors. Employment history. Many landlords are concerned about a person’s job stability. In addition to a person’s employment history, a landlord will often be interested in the length of time that a person has been at a position, permanent employment, the person’s previous employment history, and the individual’s wage history.   Tips to Renting an Apartment After Bankruptcy There are several pieces of advice that a person can follow to increase his or her chances [...]