The prospect of a bankruptcy filing can be a major shock to the system. People are justifiably worried because of the consequences to their financial wellness of having to go into bankruptcy. It is a sobering situation, but it does not mean you cannot survive.
An individual must be mature about the situation. However, there are some steps to take to successfully survive financially.
- Understand the process
The first step in surviving bankruptcy is to understand the process. Bankruptcy is a legal process that allows individuals or businesses to reorganize or liquidate their assets to repay their creditors. The bankruptcy process can be complex and confusing, so it is vital to seek out the advice of an experienced bankruptcy attorney.
- Prepare for the worst
Another important step in surviving bankruptcy is to prepare for the worst. This means creating a budget and saving as much money as possible. It is also essential to understand that you may be unable to keep all your assets, such as your home or car. You should also be prepared to have your credit score lowered.
- Stay positive
One of the most important things you can do while going through bankruptcy is to stay positive. This can be difficult, but it is essential to remember that bankruptcy is not the end of the world. There are many people who have gone through bankruptcy and gone on to lead successful lives. You can too!
- Gather all required documents.
The third step in surviving the bankruptcy process is to gather all required documents. This includes a list of your creditors, a list of your assets, and your financial statements. Your attorney will use these documents to create your bankruptcy petition and file it with the court.
- Attend the required meetings.
The fourth step in surviving the bankruptcy process is to attend the required meetings. These meetings include the meeting of creditors and the debtor’s examination. Those conferences are where your creditors will have an opportunity to object to your discharge or repayment plan. The debtor’s examination is where the trustee will ask you questions about your finances and assets.
- Seek help
If you are struggling to survive bankruptcy on your own, seek help from an experienced bankruptcy attorney or financial advisor. These professionals can help you navigate the bankruptcy process and ensure that you take all the necessary steps to survive financially.
The last point is critical. You can safeguard your financial wellness with the right advice and guidance. Countrywide Pre-Paid Legal Services can assist individuals. We have an employee benefit that addresses financial wellness, and one of the services is bankruptcy counseling education.
Our Process Is Airtight
The bankruptcy abuse prevention and consumer action act of 2005 requires credit counseling within six months before a person files for bankruptcy. We offer a debtor education course, which is in addition to a financial management instructional course that is intended to help those looking at bankruptcy. This is just part of our assistance.
We have a nationwide network of certified counselors or experience in financial wellness matters. These professionals will sit down with a plan member and discuss assorted options for dealing with bankruptcy and how to avoid it. However, people whose financial wellness is in jeopardy need extra help. Our debt management plan, which costs a little bit more than ordinary services, will help people make changes in their finances that can avert a bankruptcy filing.
We Work with the Client
Our bankruptcy counseling and debt management plan are just some of the benefit options we provide. We let prospective clients choose those benefits which will be part of their financial wellness plan. Countrywide provide member services and administration. We are proud to say that our assistance has helped many people with their debt problems.