Before you file for bankruptcy, you need to do five things to prepare yourself and your family. Remember that these things may be necessary, because you are going to damage your credit ratings for many years. There are several important things that you should consider before you damage your credit. The credit industry does not want you to know these five things, but these are my recommendations to my clients for bankruptcy.
First, is your car older or in need of repair? Was your car warranty over? Is there a chance that your car will need expensive repairs in the near future? If you answered yes to any of these questions, you should think about taking care of your car or replacing it before filing for bankruptcy. You will probably not get a loan to repair or replace your car for several years after you file for bankruptcy. Thus, either make the necessary repairs or replace your car before filing for bankruptcy.
Secondly, does your home probably need expensive repairs such as a new roof or air conditioning? Do you need your house for painting, or does he need an expensive plumber? Do I need to replace it with windows or doors? Regardless of expensive repair or replacement, do it before filing for bankruptcy. Once your bankruptcy is filed, you probably won't be able to get the credit needed to take these expensive steps.
Third, do you need new appliances, such as a washing machine and dryer? Is your TV or computer busy during borrow time? Do you need a new garage door opener? Does your home need a security system? As in the case of repairing or replacing a house, you must consider the age of your appliances and it is likely that they will need to be replaced in the near future. If you answered “yes” to any of these questions, replace the equipment, TV, etc. Before filing for bankruptcy. Again, you will not be able to get the loan you need to take care of these important items after filing your bankruptcy.
Fourth, do you or your children need intensive dental work? Do your kids need braces? Does your family require root canals, caps, or any other expensive dental procedure? Again, for the same reason as in the previous three paragraphs, do dental work before filing for bankruptcy. Before bankruptcy, your dentist or dental surgeon will probably allow you to make payments to take care of dentistry. After bankruptcy, it is unlikely that he or she will allow you to make payments.
Fifth, does your family need new clothes, shoes, coats or other personal items. Again, you will not be able to buy these necessary items on credit after bankruptcy. You really need to take care of these important needs before filing for bankruptcy.
I'm not talking about being extravagant or buying luxury items. I'm just talking about taking care of yourself, your family and your home, before your loan takes a dive as a result of your bankruptcy. For example, go to a new apartment before filing for bankruptcy. You do not want to go out of bankruptcy with the help of a car or a house that needs repairs in the amount of $ 3,000 to $ 4,000. There are better ways to take care of your family before bankruptcy.
It is clear that someone else will give you this advice, but I strongly advise you to sit down with your family and think about what your family will need for the next five years. Remember that bankruptcy is kept on your loan for 10 years. There may be some kind of loan that you can get for up to 10 years, but you will probably pay a higher interest rate after filing for bankruptcy. Think about the best way to take care of your family and do it.
