Qualifying for bankruptcy

  • Most of us encounter during our life with financial problems, some of us had bad credit or had taken bad credit loans ,had a credit cart debt, but couldn't qualify for bankruptcy.

  • Qualifying for bankruptcy is not an automatic procedure. It depends on many facts and tests witch changes from time to time according to bankruptcy laws.
    One of the means test that will be checked to improve your chexsystems or paying your credit card debt will be equity in your home.
    If you have equity in your home refinance your home and pay off your debts to improve your chexsystems report.
    If you have cash ,the best will be to pay your credit card debt but if you think to keep it as savings account ; check the interest you are paying for the credit cards debts,does it make sense.

  • Another reason for keeping your cash may be the need for emergency fund or because of your unemployment situation. Another way to pay your credit card debts may be to with draw money from retirement funds.

  • Another reason for keeping your cash may be the need for emergency fund or because of your unemployment situation. Another way to pay your credit card debts may be to with draw money from retirement funds.

  • There is a chance to recover your funds [unless your are near retirement age] Consider that you are withdrawing money at the low point of mutual funds if you do it now, but always check what you will get and what you will loose.

  • If none of these sources[equity/cash/funds] can help your credit card debt and your chexsystems report; stop your payments for credit cards and file for bankruptcy status without the hassle of the court system but also without its protection.

    More helpful financial advices


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