The prospect of a bankruptcy filing can be a major shock to the system. People are rightfully worried because of the consequences to their financial well-being of having to go bankrupt. It’s a sobering situation, but that doesn’t mean you can’t survive.
An individual must be mature for the situation. However, there are some steps to take to successfully survive financially.
- Understand the process
The first step to 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 important to seek the advice of an experienced bankruptcy attorney.
- Prepare for the worst
Another important step to surviving bankruptcy is to prepare for the worst. This means creating a budget and saving as much money as possible. It’s also important to understand that you may not be able to keep all of your assets, such as your home or car. You should also be prepared to have your credit score lowered.
- Keep being positive
One of the most important things you can do when you file bankruptcy is to stay positive. This can be difficult, but it is important to remember that bankruptcy is not the end of the world. There are many people who have gone bankrupt and gone on to live successful lives. You can too!
- Collect all necessary documents.
The third step to surviving the bankruptcy process is to gather all the necessary 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 submit it to the court.
- Attend the required meetings.
The fourth step to surviving the bankruptcy process is to attend the required meetings. These meetings include the creditors’ meeting and the debtor’s examination. These conferences are where your creditors will have an opportunity to object to your discharge or repayment plan. The debtor examination is where the administrator asks 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 make sure you take all the necessary steps to survive financially.
The last point is critical. You can secure your financial well-being with the right advice and guidance. Nationwide prepaid legal services can help individuals. We have an employee benefit that targets financial wellness, and one of the services is bankruptcy counseling training.
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 training course in addition to a financial management course designed to help those who are on the verge of bankruptcy. This is only part of our assistance.
We have a nationwide network of certified advisors or experienced in financial wellness issues. These professionals will sit down with a plan member and discuss different options for dealing with bankruptcy and how to avoid it. But people whose financial well-being is at risk need extra help. Our debt management plan, which costs a little more than regular services, will help people make changes to their finances that can stave off a bankruptcy filing.
We work with the customer
Our bankruptcy counseling and debt management plan are just some of the benefit options we offer. We allow potential customers to choose the benefits that will be included in their financial wellness plan. Nationwide provides membership services and administration. We are proud to say that our assistance has helped many people with their debt problems.