You got divorced and found out that your husband was using your name to buy stuff that he didn’t tell you about. It’s ruining your credit, and you need help fast because things are becoming financially overwhelming. The only route available is to file bankruptcy to get yourself back on track. It’s hard and embarrassing, but you have no choice. Getting a good fresh start is exactly what you need for yourself, and the children that you are now forced to raise alone. If you don’t, all you will be homeless and will have virtually nothing.
Chapter 7
There are two different types of bankruptcies you can file. They are chapter 7 and 13. She is looking at chapter 7, this is the traditional type of bankruptcy where you can either pay the debt off or give up the possession that’s causing it. You can even use your non-exempt property to help get rid of the debt. If there is anything that’s discard able, you don’t have to worry about anymore. The best way to decide if chapter 7 is the answer is to look at your income. What is required is that you hardly have any money coming in to handle the debt and this is why you would file chapter 7. If you find yourself dealing with this, then you need to go and find any consumer bankruptcy attorney oklahoma city ok as soon as possible to deal with your financial situation before it gets even more stressful. You will get all the help you need to put the papers in place to get it approved so that you can do this and get it over with. You need to put this mess behind you and filing chapter 7 will give you that.
Chapter 13
When filing chapter 13, you have the income to handle the debt and can pay it off after all the major creditors are contacted. Everything is restructured with manageable payments that must be made on time. Once you have paid everything off, then you the slate is really wiped clean in a way and your credit score will show some improvement, but chapter stays on your credit report for about 10 years. If you apply for a loan or a decent credit card, you may not get it for that particular reason. So, the trick is to not get yourself back in debt but to keep on working on your score. With everything that placed under chapter 13 bankruptcy seen as paid off and on time, once it does come off your report, you will have a stronger score. So, keep working on it until you get into the excellence category. Filing for bankruptcy should not be done without an attorney helping you. It takes filling paperwork correctly and making sure you can make the payments to determine if it’s going to be approved or not. Start looking to get your finances back to where they should be today.