How To Use Bankruptcy To Rebuild Your Financial Health
Rural/Suburban America Must Deal With Bankruptcy BEFORE The Next Financial Crisis
In 2017 alone there were 765,863 non-business bankruptcy filings, which used bankruptcy to rebuild your financial health.
According to the Administrative Office of the U.S Courts, many people all across the country are finding it harder and harder to manage their finances and stay on top of debt.
Bankruptcy Is A Means of Relief Before the Next Crash
Why It Matters: People living in rural communities have it even tougher with a lack of access to proper jobs and assistance.
If you feel like you have exhausted all of your other options, filing bankruptcy will not only relieve you of certain debt, it can prevent unfortunate events such as foreclosures, repossessions and wage garnishments.
Making the Decision to File for Bankruptcy
If you’re thinking of filing Chapter 7 bankruptcy, one team of expert Scottsdale bankruptcy lawyers recommends that you first complete all of the mandatory credit counseling.
Ensure you have turned in the correct paperwork and also attend the personal financial management instruction course.
This course is not only required, but it is a great way to help you make sense of your financial habits in order to get back on track to where you want to be.
As a part of this process, it is a great idea to seek legal advice,.
As the median income amounts you need to meet in order to qualify for bankruptcy vary in each state, as do the various exemptions you may qualify for.
Financially Recovering After Bankruptcy
Because filing bankruptcy does affect your credit score, it will be important to work towards building your credit back up after filing.
It is especially important not to take on any new lines of credit too soon, and to formulate a budget in order to efficiently pay all of your bills on time.
To get into the habit of planning a budget, try to get your whole family involved and turn it into a fun way to gain your financial health back.
Begin by assessing what you need to pay off or how much you want to save.
Then, with this number in mind, you can determine how much you need to be saving each month in order to achieve this.
Various Incentives Available to Rural and Suburban Dwellers
If you find that you are still struggling financially, but enjoy living the rural life, then you might look into relocating to another city where you can benefit from incentive programs that will help you stay afloat.
A decline in population and the often prevalent social and economic challenges is forcing rural America to come up with incentives to attract new residents back to rural communities.
If you move to Tribune, Kansas, for example, they will pay down your student debt.
Certain cities in rural Iowa and Nebraska will give you land for free in exchange for constructing a single-family home on the plot.
Alaska takes the cake, however, in regards to incentives.
The state offers programs for veterans and live-in caretakers of physically- or mentally-disabled residents and they even have a rural owner-occupied loan program.
Taking the Process One Day at a Time
It is important to remember that you are not alone in your financial struggles.
Many rural Americans live with the stresses of debt and financial management.
If you feel that is is simply too much to take on, try speaking with a qualified bankruptcy professional about your options.
However you decide to proceed, it is never too late to begin planning efficiently planning a budget and getting your finances back on track however you can.
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