A Fresh Start For You Through Bankruptcy? Singapore Money Lending Bankruptcy filing can lead some people into depression. It is best to view bankruptcy as a new beginning to your financial life, rather than a failure. If you plan to seek bankruptcy protection, you must not transfer any assets during the year prior to your filing. Such an action would be considered an effort to hide valuable assets and might cause your case to be dismissed prematurely. Certain assets could be protected from creditors, anyway. No matter what, it isn't acceptable to conceal your assets in this way. You should hold off on filing if you recently engaged in a transfer of assets. Prior to filing for bankruptcy, tell yourself that you cannot use the word "shame". Many people feel guilty, embarrassed and unworthy when dealing with bankruptcy. But, such emotions get you nowhere, and they can cause significant mental issues to emerge. Maintaining a positive outlook during a troublesome financial upheaval is the best way to cope with bankruptcy. No matter how bad things are when you are filing for bankruptcy, be honest. Lying about assets and debts is something you really should not do at all. There is no legal way to get around it. You could go to prison for lying on a bankruptcy petition. If you are moving forward with a Chapter 7 bankruptcy, you need to learn how that can negatively affect anyone who shares loans with you. Once you complete a Chapter 7 bankruptcy, you will be free of any responsibility of debt, which could put all responsibility on someone close to you. Although, your creditors may insist that the co-debtor pay off the entire debt. If most of your debt is from taxes, you are probably better off not filing for bankruptcy. There are those filers for bankruptcy who have used a credit card to make tax payments and then filed for bankruptcy. These filers think they'll never have to actually pay that money back as it is now part of the credit card debt. But, this is already covered by bankruptcy law, so you will simply end up owing both. Filing for Chapter 13 bankruptcy will not prevent auto loans or mortgages from being obtained. However, it will be a longer and more arduous task. Your trustee must approve any new loans. When meeting with the trustee, bring a budget which shows that you will be able to afford the payment on the loan you are trying to get. It will also be necessary to show why a new purchase needs to be made. If you're continuously making delinquent payments and are constantly missing payments, filing for bankruptcy might just be a kinder, gentler solution for you. The good news here is that, even though the bankruptcy claim will leave a decade-long stain on your credit score, you can still work to repair your credit. A fresh start is a great benefit of bankruptcy. Bankruptcy is a step that many people have to take, and as you can see, it's not a permanent black mark. When saving money, you're showing the lenders that you wish to rebuild your credibility. They'll appreciate it. You will receive more favorable treatment when you apply for
a loan if you start saving now.