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davidtrump

Factors 13 & 14 - 14 key factors when considering bankruptcy

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13. You’ll have to go to class.
Before you file, you’ll be required to take a 90-minute credit counseling class, says Mark. Later, before your bankruptcy is officially concluded, you’ll take a second, two-hour session. You can attend in person, by phone or online. Cost: no more than $50 per class. And if you’re receiving free or discounted legal services, or you’re living on Social Security disability payments, you can get the fees waived.

14. It can pay to be proactive.
If you’re considering bankruptcy, it pays to get advice early — especially if you’re getting notices of foreclosure or lawsuits, says Sommer.

Having that information early can help you make strategic decisions. For instance, many experts recommend waiting until the situation causing your financial crisis (job loss, medical problem) is over or at least stabilized before you file, so that you don’t just rack up more bills. In some situations, consumers need the immediate protection from foreclosure or collection that bankruptcy provides. Knowing your options early can help you better navigate your situation.

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