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These points about bankruptcy might be important to you

It is imperative that anyone who is considering filing for bankruptcy takes the time to think carefully about what it means to file. There are several ways that this can impact your life now and into the future. One of the most important to many people is that the filing temporarily halts the ability of your creditors to try to collect the balances on your accounts. This is because the court issues an automatic stay when you file for this type of financial relief.

You have to decide which chapter is the best option for your case. The most common forms of personal bankruptcy are Chapter 7 and Chapter 13. Chapter 7 is a liquidation bankruptcy that doesn't require payments to the bankruptcy trustee, but it does have income limits. Chapter 13 requires you to make payments on a regular schedule, but you can keep more of your assets if they were going to be in jeopardy in a Chapter 7. Just because you file a Chapter 13 doesn't mean you are paying all of your creditors.  They may only get a small percentage of what is owed.

Is debt settlement a good alternative to bankruptcy?

Bankruptcy is not something most people embrace enthusiastically. Along with financial consequences, it comes with a social stigma and many myths that can make you hesitant to file even though you are swimming in debt. Perhaps you are considering alternative forms of debt relief.

One you may look into is debt settlement. This approach involves a third party negotiating your debt with creditors to reduce or eliminate what you owe. The idea may sound promising, especially if it means you can avoid bankruptcy, but is it the best choice?

The path to Social Security Disability benefits isn't easy

We understand that many people can't even begin to think about having to deal with the various aspects of the Social Security Disability application process -- and they want it to be over quickly. Unfortunately, unless you qualify for a compassionate allowance, you aren't going to be able to rush through the process. It can actually take a long time to gain an approval, so you should try to make plans for your finances in the interim.

When you file your application, you should ensure that it is filled out in its entirety. Anything that is missing can slow the process up. You should be prepared to visit the government's doctors. It shocks some people to know that the doctors they see might not be in the same specialty areas that would normally see their issues. In other cases, your doctor's notes may be unclear or not contain enough information to allow your case to be decided.

Disability appeals take an average of 17.9 months in Illinois

Applying for Social Security Disability (SSD) is a difficult process, but many people don't realize just how complex it might be. Some think that they have a case that will be approved right away because of their circumstances. The fact of the matter is that they often don't fully understand the laws that apply to their case.

One thing that often impacts people in these situations is that they don't expect the process to take as long as it does. They think they will be approved swiftly and that they won't have to do anything else. The majority of SSD cases aren't approved on the initial application. The applicant must appeal the matter, which takes a long time.

Don't delay a bankruptcy filing if you need financial protection

Now that things have settled down after the holiday season, you might have bills rolling in for the purchases you made. You might have been able to pay easily in January and February, but maybe things are really tight now and it doesn't look like that will change. If you are in this position and are unable to pay your creditors, you might have to review the option that you have to file bankruptcy.

For people who can pass a means test, which involves taking a look at the assets and income you have, Chapter 7 bankruptcy might be a viable option. For those who have considerable assets and can't pass that means test, a Chapter 13 bankruptcy might be in order. We know that you might have questions about which is the best for your situation. We are here to answer any questions you have about how bankruptcy might impact your life.

Proper credit usage can help you after bankruptcy

One of the most common things that people who are filing bankruptcy want to know is how they are going to be impacted by the filing. If your credit score is already poor, the bankruptcy filing will probably improve your score.  Creditors will know you filed bankruptcy, but you won't have any debts.

After the case is discharged, you might find it difficult to obtain new credit, but it is important to work on getting a credit card to help improve your credit score.  A secured credit card might be one of the easiest ways that you can rebuild your credit because you are putting up your own money and borrowing against it. If you do decide to do this or are able to take on any new credit, make sure that you pay the bills on time. Being late will have a negative impact on your already damaged credit score.

Fight for your Social Security Disability benefits

Social Security Disability (SSD) is a program that is meant to help injured workers support themselves if they are injured or ill and unable to return to work. This doesn't mean that they will get these benefits quickly. In fact, many people have to fight hard to get the benefits that they should receive. This can be difficult because they might not have sufficient or even any income at all during the process.

We are here to help you learn about your rights when you need to get the benefits that you've paid into during your working career. We know that you are likely going need to get the application process over with as soon as possible. Your bills are likely going to pile up while you are waiting for this to go through. This can make it difficult to think about your finances.

Getting out of debt may require bankruptcy

Your financial status can impact every decision you make in other areas of your life. When you know that you owe creditors money, you probably want to do all that you can to pay those debts off. This could mean that you are unable to enjoy your life in the way you want, which can lead to unhappiness.

While wanting to get out of debt is understandable, you have to make sure that you are still able to live a balanced life. You have options available to help you handle this monetary challenge. One option is to file for bankruptcy so that you can regain control of your finances.

Warning signs that it is time to declare bankruptcy

Declaring bankruptcy may sound scary, but it can be the right decision in certain circumstances. If your finances are spiraling out of control, bankruptcy may give you peace of mind and save you money.

However, filing for bankruptcy is a monumental decision that is not for everyone. If you are having trouble deciding whether you should pursue bankruptcy, do not worry. Here are some signs that your financial situation is unmanageable and bankruptcy may be the best option.