You Are Here: Home - Expert Advice - The Organizer's Toolbox - Tip Sheets

NEW! - Keywords For This Page:   Trouble - Legal Matters - Accounting - Finances - Estates

	Filing Bankruptcy
	By Relocation Property Services

Feel free to use this tip sheet / checklist as you tackle your own ""do-it-yourself"" organizing projects. If you would like to REPRINT or DISTRIBUTE this information, please click here for reprinting instructions.

• unemployment
• large medical expenses
• seriously over extended credit
• marital problems
• large unexpected expenses

• takes longer than a Chapter 7 bankruptcy
• leaves your credit in better standing
• give you up to 5 years to pay off your debts
• you're in bankruptcy for up to 5 years
• on credit report 7 years after finished paying off your debts

• the most damaging form of bankruptcy to your credit
• out of bankruptcy in 6 months and you don't repay any debt
• shows on your credit report for 10 years from the date of filing
• must reside, have a place of business, or property in the US
• may not have been granted Chapter 7 discharge within 6 years
• may not have completed a Chapter 13 plan
• may not have a bankruptcy filing dismissed for cause in 180 days
• don't have enough to pay on your debts after paying for necessities

• taxes
• spousal and child support
• debts arising out of willful or malicious misconduct
• liability from driving while intoxicated
• debts from a prior bankruptcy
• student loans
• criminal fines and penalties
• certain luxury purchases over $1000 within 60 days of filing
• cash advances aggregating $1000 within 60 days of filing
• debts involving materially false financial statements

• go through Consumer Credit Counseling Services (CCCS)
• change your lifestyle to fit your income
• sell the second car
• pull equity out of your home
• apply for a non-secured signature loan
• get a loan from a relative
• sell your home and pay off your debts with the proceeds, then rent
• cash out your 401K / retirement benefits
• sell some family heirlooms / jewelry / guns

 

Would you like to reprint this tip sheet in your publication -- or distribute it to a wider audience? Click here for reprinting instructions.

Click here if you would like to submit a tip sheet or checklist...