Financial debts can place a tremendous burden on your budget, and if you fall behind on these bills, it is possible for the creditor to take serious legal action against you. In these instances, it is important for you to understand your rights to make sure that they are not being violated. For those that have never had to battle debt collectors, learning the following answers to some routine questions will help you to make informed choices about how to best handle this problem.
According to statistics, one in every 55 households filed for bankruptcy in 2005. This number can be very alarming when you think about how many bankruptcies occur every year. People file for bankruptcy for many reasons. It is not always about not having a lot of money. Even if your finances are on par, one major setback, like a medical issue, can end up putting you thousands of dollars in debt.
The Social Security Disability Income (SSDI) application process is complicated, and a small mistake can disqualify you. The appeals process can be even more complicated and take longer. Get help from a social security disability attorney, like those at Banik & Renner, during your initial application, so you'll avoid these costly mistakes.
Reporting an Income That's Too High
There are guidelines as to how much income you can have and still be eligible for SSDI.
A bankruptcy exemption allows you to keep some of your assets away from the reaches of your debtors. The exemptions you get depend on your state laws, nature of debts and the assets you own. Here is a three-step plan to help you maximize your exemptions:
Know What You Have
You cannot know what is excerpted and what is not until you know what you own. Therefore, the first step is to identify all your assets.
Rebuilding your credit after bankruptcy is much like building credit from scratch. In most cases, the best way to rebuild your credit after going bankrupt is by getting a credit card and consistently, reliably paying the bill.
Get a Credit Card
When you first declare bankruptcy, your best option is to get a secured credit card. Secured credit cards are designed for people with bad or no credit, and can only be obtained by putting down a security deposit.