Tips for Bankrupt People to Pay for Bankruptcy - KGN Consult

Tips for Bankrupt People to Pay For Bankruptcy

Index    

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Why Bankruptcy?

Reasons For Bankruptcy Things To Consider Before Filling How to Pay For Bankruptcy ◦ They Stop Paying Their Other Bills ◦ They Make a Payment Plan With Their Lawyer. ◦ They Get the Money From Their Family or Friends. ◦ Use Their Income Tax Refund Who We Are?

Why Bankruptcy? 

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People get into financial trouble: ◦ They have ignored the total cost of borrowing. ◦ They have taken too many offers for credit.

Filing takes place in the courts and you must give up most of what you owsn.

Reasons For Bankruptcy     

Medical Expenses Business Losses Job Loss Natural Disaster Credit Card Debt

Things To Consider Before Filling     

A bankruptcy filing could determine whether or not you get a job.

Your insurance rates could rise.

You may find it difficult to rent an apartment or qualify for a home loan.

Bankruptcies stay on your credit report for 10 years.

Bankruptcy can lower your credit score.

How to Pay For Bankruptcy

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A Bankrupted has to do the following things to pay for Bankruptcy. These are:They Stop Paying Their Other Bills They Make a Payment Plan With Their Lawyer.

They Get the Money From Their Family or Friends.

Use Their Income Tax Refund

They Stop Paying Their Other Bills Depending on the circumstances of your individual case, your attorney might give you the go-ahead to stop paying certain bills. These might include credit card payments, medical payments, car loan payments, even house payments. Do NOT stop paying your bills without consulting your bankruptcy attorney.

They Make a Payment With Their Lawyer Some law firms have a payment system where clients can make payments toward their bankruptcy case. When they have paid in full, the attorney files the bankruptcy case. and deal with your creditors on the phone, letting them know your intention of filing for bankruptcy.

They Get the Money From Their Family or Friends Another way in which people pay for their bankruptcy is through a gift from dear old mom.

Now, no one dreams of growing up and having their parents pay for their bankruptcy, but desperate In addition, friends and family are often in the closest position to see that your need to file bankruptcy isn't because of frivolous spending.

Use Their Income Tax Refund Most bankruptcy filers are in fact employed and do have an employer who withholds funds from their wages for income tax. Often, this results in an income tax refund being paid in the beginning of the year after their income tax return is processed.

Who We Are? KGN Consult is an experienced bankruptcy consultant who provide the important tips through which you can deal with bankruptcy.