Considering filing for bankruptcy protection? Or maybe you are just considering your options, weight what may be available to help you eliminate what you owe. For some bankruptcy is an essential life saver, providing protection from drowning in financial obligations which are no longer sustainable. For others its a strategy, used to restructure their obligations and get out from under unfavorable financing. We're well known as the bad credit guys online, and it so very often follows from people going bankrupt that it's a topic which is inescapable. We've heard countless stories of what led up to the decision (debt defaults don't usually happen overnight), but these questions are the ones we get asked time and time again. So we decided to create a quick presentation to answer the most popular consumer questions about filing, chapter 7, chapter 13, impact of declaring and other topics you really need to know before you pull the trigger. No ethics lectures, just a cold-hard stare at what it means to go bankrupt, and what you need to consider when you do. Don't forget to let us know what you think, be sure to comment below. Also, if you liked it, please share, it's good karma!

1. These 5
Questions We Get
Asked The Most
BANKRUPTCY

2. #5
THE MOST COMMON QUESTIONS WE GET ASKED

3. How Does Bankruptcy Work?
THE BANKRUPTCY PROCESS
Question:

4. Answer: Let’s Go Over Some Bankruptcy
Basics You Need To Understand
A Chapter 7 bankruptcy can help you discharge:
• Credit card debt
• Medical bills
• Car loans on repossessed vehicles
• Mortgages for houses (you don’t want to keep –
*Exception homestead rules)
• Non-fraud-related law suits
• Some tax debt
THE BANKRUPTCY PROCESS

5. Chapter 13 bankruptcy can help you restructure
and create a possible repayment plan:
• Can put a stop to a mortgage in default
foreclosure
• Can help you keep nonexempt property
• Can help reduce secured debts
THE BANKRUPTCY PROCESS

6. Debts Bankruptcy Can’t Eliminate:
• Eliminate child support or alimony obligations
• Prevent a secured creditor from repossessing
property (*Exceptions exist for homestead
protected property)
• Eliminate government backed student loans
• Wipe out tax debts & other nondischargeable
debts (traffic tickets, debts from personal injury
caused by intoxicated driving, etc.)
THE BANKRUPTCY PROCESS

7. #4
THE MOST COMMON QUESTIONS WE GET ASKED

8. What Type Of Bankruptcy Should
I File For?
WHICH BANKRUPTCY OPTION IS BEST
Question:

9. Answer:
It depends on your unique situation. Generally,
look at your income and assets.
Determine if any assets are worth protecting and
whether meeting the obligations of a restructured
repayment plan is worth it for you to keep.
Run the numbers whether a clean slate would be
better off for you than a managed restructuring.
WHICH BANKRUPTCY OPTION IS BEST

10. Possible scenarios
Scenario Description Type of Bankruptcy
Unemployed (few assets) - No income
- Large debts
- Not a home owner
- Has a car with a loan
against it
Chapter 7
Unemployed homeowner
with significant equity
- No income
- Homeowner
- Lots of Equity Value
- Unsecured debts
Chapter 13 (can keep a
home if keeps current on
a mortgage) – need to be
able to fund a repayment
plan
WHICH BANKRUPTCY OPTION IS BEST

11. Possible scenarios
Scenario Description Type of Bankruptcy
Unemployed homeowner
with upside-down
mortgage
- No income
- Homeowner
- Property owned is
underwater (negative
equity) – a.k.a. loan is
upside down
- Unsecured debts
Chapter 7 – (Consider
walking away free and
clear to start fresh) *
Employed homeowner
facing foreclosure
- Some income
- Homeowner is behind
on mortgage payments
– near complete
default
- Unsecured debts
Chapter 13
WHICH BANKRUPTCY OPTION IS BEST

12. #3
THE MOST COMMON QUESTIONS WE GET ASKED

13. How To File For Bankruptcy?
HOW TO DECLARE BANKRUPTCY
Question:

14. Answer: You CAN file your own
bankruptcy in your State. Here is how
to do it: BUT DON’T do it yourself. It’s
more than just paperwork.
• Find out if you qualify (and under what
chapter)
(The U.S. Court offers means test forms you can
use to analyze your situation according to their
recommendations you can view here)
HOW TO DECLARE BANKRUPTCY

15. • Fill out the bankruptcy forms. You will need
to list your debts, list all property and
assets, income, etc.
(All the forms you need are available at the U.S.
Court’s website here)
• The you need to file all the documents.
(We strongly recommend you hire a bankruptcy
attorney for the process. They will know the
people deciding your fate, and it can make all
the difference.)
HOW TO DECLARE BANKRUPTCY

16. The Bankruptcy Process:
• A bankruptcy trustee will review your
protection claim, listed assets, debts and
income
• You will be required to credit counseling as a
condition of your debt relief
HOW TO DECLARE BANKRUPTCY

17. #2
THE MOST COMMON QUESTIONS WE GET ASKED

18. Can I File Bankruptcy Without A
Lawyer?
DO I NEED AN ATTORNEY TO GO BANKRUPT
Question:

19. Answer:
It’s NOT “just filling out forms.”
A bank trustee will review your case and will ask
you questions. They have obligations under the
bankruptcy laws they must follow, however, they
can make your bankruptcy hearing a grueling
nightmare.
Your lawyer will help ensure your paperwork is in
order, and works with these people everyday.
It can make for a much smoother experience.
DO I NEED AN ATTORNEY TO GO BANKRUPT

20. #1
THE MOST COMMON QUESTIONS WE GET ASKED

21. What Should I Do To Recover
From Bankruptcy Faster &
Rebuild My Credit Score?
RECOVERING AFTER BANKRUPTCY
Question:

22. Answer: Build the strongest financial
foundation you can for your family, and
your credit score will take care of itself
naturally.
• Focus first on improving your income (finding a,
making more money, etc.)
• Create a personal budget you can stick to
• Make on-time bill payments
• Keep borrowing to a minimum, low interest
secured financing preferred (auto loans,
mortgages etc.)
RECOVERING AFTER BANKRUPTCY

23. About ReallyBadCreditOffers.com
ReallyBadCreditOffers.com provides everything you need to make
mincemeat of debt and attack even the toughest financial problems with
innovative, eye-opening tools, strategies, and advice.
We provide ‘tough love’ straight-talk about financing, credit and savings
issues. Founded with a mission to give consumers the real world,
actionable resources to rapidly whip their personal finances into shape.
Visit the website to learn more about the powerful resources available to
help people struggling financially get back on track.
To Learn More:
https://www.reallybadcreditoffers.com
Follow us for more financial success secrets straight from the horses mouth on Facebook
Source: https://www.reallybadcreditoffers.com/declaring-bankruptcy.php
PERSONAL FINANCE SUCCESS SECRETS