Tips And Hints To Help You Avoid Personal Bankruptcy
Is your debt growing and it’s looking like you may need to file for bankruptcy? Don’t fret, because you aren’t alone. A lot of people have thought of bankruptcy as the only choice they had to get rid of their financial troubles. What you are going to read in this article, will give you suggestions that can ease the difficulties associated with bankruptcy.
Learn as much as you can about bankruptcy by going to informational websites. The United States D.O.J., the A.B.I and the N.A.C.B.A. are all useful organizations willing to provide educational material. The more knowledgeable you are, the more you can be sure that you are making the right decision and that you are taking the right steps to ensure your personal bankruptcy goes as smoothly as possible.
Make sure you’ve exhausted all other options prior to declaring bankruptcy. You have other options, including consumer credit counseling help. Bankruptcy is a permanent part of your credit, so before you make such a big decision, you might want to explore all other choices so that your credit history is affected as minimally as possible.
Retirement Accounts
If you are faced with the choice of filing for bankruptcy or using your emergency fund or retirement accounts to pay creditors, opt to file for bankruptcy. Don’t touch retirement accounts unless you don’t have a choice. You may need to tap your savings, but don’t empty your savings account, as this could leave you in a difficult situation down the road.
It should go without saying, but refrain from lying in your bankruptcy filings. Remember that if you hide your valuable assets or income from your bankruptcy trustee, you may risk a number of penalties and complications. Among these is the possibility that you could be blocked from ever filing again.
Don’t feel bad if you need to remind your attorney about any specifics of your case. Do not assume that if you’ve already told him or her something important once, that they will remember it later without a reminder. Speak up, because it is your future on the line.
Use a personally recommended bankruptcy attorney instead of one found through the Internet or phone books. There are lots of unsavory companies and lawyers out there who prey on people who are in desperate straits. It is up to you to find someone that is trustworthy and can make the process go smoothly.
Take the time to find a simpler solution to your financial issues, before filing for bankruptcy. You could find relief from small debts by using a consumer credit counselor. You may have the ability to negotiate much lower payments, just be sure any debt modifications you agree to are written and that you have a copy.
There are two types of personal bankruptcy: Chapter 7 and Chapter 13. Make sure you know what each entails so you can make the right choice. Should you choose Chapter 7, your total debt load will be erased. You will no longer be liable for any money that you owe to your creditors. Chapter 13, on the other hand, involves a five year payment period before any remaining debts are cancelled. It’s crucial that you know the differences between all of the various kinds of bankruptcies so that you may choose the best option for your situation.
It’s a good idea to meet with a number of bankruptcy lawyers before settling upon one. The majority of them offer free initial consultations. Just be sure that the person you speak with really is the lawyer, rather than a paralegal, since they cannot legally give advice. Taking the time to compare lawyers will ensure that you get a person that you can be yourself around.
As stated in the article above, bankruptcy is a common way for many people to alleviate their troubled financial situation. However, you can be better armed by using the tips you have found here. The tips in the article above will help you get through your bankruptcy.
Cover Your Assets! Top Tips For Filing For Bankruptcy
Most people do not think they will ever need to consider filing for bankruptcy. Life can change in an instant, which can cause bankruptcy to be your only choice. Therefore, knowing how you can deal with this is vital. It is unfortunate to find yourself in this position, but this article is here to help get you started in the right direction.
It is essential when going through bankruptcy that all of your income and assets are reported openly and honestly. Not only is hiding income and assets wrong, it is also a crime.
Don’t avoid telling your lawyer specific details with your case. Do not assume that if you’ve already told him or her something important once, that they will remember it later without a reminder. Remember that you’re the boss. You’re paying your lawyer, so you should not be afraid to have your say. After all, the quality of your life hangs in the balance.
It is important to understand your rights when filing bankruptcy. Filing for personal bankruptcy may possibly enable you to reclaim your personal property that have been repossessed, like your car, electronics and jewelry items. You may be able to recover repossessed property if the repossession occurred fewer than 90 days ago. Interview and research attorneys before choosing one to help you with your bankruptcy.
Any bankruptcy consultation should be free of charge. Since most attorneys offer free consultations, meet with a few attorneys before deciding who to hire. Choose an attorney who is experienced, educated and well-versed in bankruptcy laws. You don’t have to make your decision right after this consultation. You could even go to different lawyers for advice.
When a bankruptcy is imminent, retain a lawyer immediately. Filing for bankruptcy is a complicated procedure, and you may not be aware of all the ins and outs. A qualified bankruptcy attorney can guide you through the filing process.
Take advantage of free consultations with lawyers and the ability to sift through and find the right one. It is important to meet with the actual attorney, not the attorney’s assistant or paralegal; those people are not permitted to give legal advice By meeting with several attorneys through a free consultation you will be able to choose which attorney you feel more comfortable with.
Be sure your home is well protected. Bankruptcy filings do not necessarily mean that you have to lose your house. You could keep your home; it depends on your home’s value or if a second mortgage is on your home. There are other options such as a homestead exemption which offers you a chance to remain in your home, depending on whether or not you meed certain financial conditions.
Spend time with loved ones. Going through a bankruptcy is never easy. It’s generally stressful, lengthy and can make people feel guilty, ashamed, and unworthy. Lots of people think they need to hide from everyone until this is all done. But, keeping to yourself is likely to cause even greater sadness and despair. Because of this, it’s vital you keep spending some time with the people you love despite what you are currently going through.
When you are forced to file for bankruptcy, you should have some excellent knowledge on what to do. The more information you have, the easier this process will be. The information in this article is designed to put your mind at ease, which means you can deal with your bankruptcy in the most efficient way possible.
Personal Bankruptcy Tips That Can Help Your Credit
It’s very easy to feel contempt for people who declare bankruptcy, but that feeling disappears when filing for it becomes a possibility. A simple change of circumstances, such as job loss, can quickly change a life to the point where bankruptcy may be the only way out. If you find yourself in this position, the following article will be of great assistance.
If you are considering paying your taxes with credit cards and turning around and filing bankruptcy–they are on to you. Most places will not consider the debt dischargeable, meaning you will have to pay the IRS a lot of money. In most cases, you can use the adage that “a dischargeable tax is a dischargeable debt.” Just because your credit card could be discharged in bankruptcy does not mean you should use it.
Exhaust every other option before making the decision to file for personal bankruptcy. Consider any other options that are available to you, such as consumer credit counseling. Bankruptcy will be on your credit report and affect your credit score for many years to come, so it is a decision that should not be taken lightly. Try to use it as a last resort.
It is essential when going through bankruptcy that all of your income and assets are reported openly and honestly. Not only is hiding income and assets wrong, it is also a crime.
Don’t be reluctant to remind your lawyer about specific details he may not remember. Don’t just assume they already know and that they have these important details committed to memory or written down. This is your future in their hands, so don’t be scared to mention it.
Credit Card
It’s not uncommon to learn soon after bankruptcy that you are unable to get an unsecured credit card easily. A great way to rebuild your credit is to apply for a prepaid credit card. This will be a demonstration of the seriousness with which you view rebuilding your credit rating. After using a secured card for a certain amount of time, you might be offered an unsecured card once again.
If you aren’t totally honest about your assets when filing a bankruptcy petition, you could get into serious trouble. Your bankruptcy lawyer has to know every detail of your finances, whether bad or good. Divulge all of your information so that you and your lawyer can devise the best strategy for dealing with your situation.
If you are considering filing for personal bankruptcy, be certain that this is really the right course of action for you. Sometimes consolidating your existing debts can make them more manageable. It is not a quick and easy process to file for bankruptcy. The future of your credit will be greatly affected. Therefore, you must make sure that there is no other option that you could take before you file for bankruptcy.
After exhausting every avenue for resolving your financial debts, bankruptcy may be a necessity. There is no need to feel stress if you are faced with this situation. When you read this article, you will find some very valuable information.
Is Bankruptcy The Right Choice For You? Things To Think About
Living with bankruptcy can be very difficult. If you are saddled with financial hardship, it may seem that you have few alternatives. Despite a bankruptcy on your record and a dinged credit score, you can often still get loans if you need them.
Do not even think about paying your taxes with credit and petitioning for bankruptcy right after. Most places will not consider the debt dischargeable, meaning you will have to pay the IRS a lot of money. A common rule is that dischargeable tax means dischargeable debt. Therefore, you have no reason for use of a credit card, if the amount is to be discharged in due process of the bankruptcy.
If filing bankruptcy is in your future, don’t waste any savings you may have attempting to pay off your debts. No matter what you do, do not touch your personal savings unless there is no other option. You may need to withdraw some funds from your savings account, but don’t take everything that is there as you will be bereft of any financial backup if you do.
It should go without saying, but refrain from lying in your bankruptcy filings. Do not hide any income or assets or go on a spending spree before filing for bankruptcy: the court will find out and will not have a positive opinion of you.
Chapter 13
You need to educate yourself on the differences between Chapter 7 and Chapter 13. Chapter 7 bankruptcy completely wipes out your debt. This includes creditors and your relationship with them will become no longer existent. If you file for Chapter 13 bankruptcy, however, you will enter into a 60 month repayment plan before your debts are completely dissolved. In order to choose the right bankruptcy option, you need to know the differences between these kinds of personal bankruptcy filings.
Thing about filing a Chapter 13 bankruptcy. If you owe an amount under $250,000 and have a consistent income source, Chapter 13 may be right for you. The benefit of this plan is that you retain personal belongings and private real estate and your debts are repaid by an organized payment plan. Lasting anywhere from three to five years, this plan will allow you to be discharged from unsecured debt. Keep in mind that even missing one payment can be enough for your whole case to get dismissed.
Always make your loved ones a priority. Going through bankruptcy is difficult. Having to declare bankruptcy leaves many people feeling like a failure. A lot of folks decide to hide themselves from the world around them until the end of the process. This is not a good idea because staying alone could cause serious problems with depression. So, even though you may be ashamed of the situation you are in, you should still be around those you love.
Bankruptcy is not a financial death sentence. If you don’t spend frivolously and repay lenders faithfully, lenders will be more willing to lend to you in the future. So start saving and see how much of a change it makes when people view you the next time you go in for a car or home loan.
Reasons Why Personal Bankruptcy Might Be Your Best Option
There are few people who expect to file bankruptcy. When life throws you lemons, sometimes you have no choice but to try and make lemonade out of them. If you have questions about what you should do in this situation, continue reading to learn some great advice.
Do not use a credit card to pay income taxes and then file for bankruptcy. Most of the time, you cannot discharge this debt. As a result, you will owe the IRS a lot of money. If the tax has the ability to be eliminated, the debt can be too. Because of this, transferring the debt to your credit card is pointless.
As bankruptcy appears on the horizon, don’t take your savings or retirement accounts to try to pay off all your bills. Do not tap retirement accounts unless there is no other alternative. While you may have to use a part of your savings, never completely wipe it out which would only leave you in worse financial shape in the future.
You might experience trouble with getting unsecured credit after filing for bankruptcy. If you do, then try applying for a coupe of secured cards. If you pay what you owe back promptly at all times, you can show that you are taking steps to be responsible about your payments and credit rating. Once creditors see that you are making an effort to restore your credit, they may allow you to get an unsecured card in the future.
Do not attempt to conceal any assets when filing for bankruptcy because you may be penalized when they are discovered. Whoever provides your legal consultation must be privy to all of your financial information. Never hide anything, and make sure you come up with a well devised plan for dealing with bankruptcy.
Do not give up. Certain property cannot be repossessed while you are in the process of filing for bankruptcy so be sure to learn about the laws in your state. There is a chance that you can get back your property if it has been less than ninety days since repossession. Speak to a lawyer who will be able to help you file the necessary paperwork.
If you are about to file for bankruptcy, then make sure you hire a lawyer. Filing for bankruptcy is complicated and there is no way you can understand all you need to know. An attorney that specializes in personal bankruptcy, can help guide you and make sure that your filing happens properly.
If you are facing bankruptcy, it is important to get expert advice to address your situation and take the necessary actions to resolve it. Adding to your fund of bankruptcy knowledge helps to make the whole process easier. Now that you have read the advice shared here with you, you can move forward on the right financial path for you.
Bankruptcy And You – Important Things You Need To Know
Bankruptcy will always be a stressful event in a person’s life. Many people are fixated on the question as to how they will repay their debts so much that they are unable to live their daily lives. As you can see, filing for bankruptcy does not mean life is over.
Prior to filing for bankruptcy, be sure you have investigated all of your alternatives. It is possible to take advantage of other options, like consumer credit counseling. Bankruptcy will leave a permanent scar on your credit report and before you take this huge step, you should search through every available option first, to help try and limit the damage to your credit.
After filing for bankruptcy, you could have trouble acquiring unsecured credit. Since it is important that you work to rebuild your credit, you should instead think about applying for a secured card. By doing this, you will be letting people know that you want to fix your credit score. It will take time, but when creditors see a pattern that satisfies their need to see your good faith with payments, you will then be able to apply for unsecured cards.
Look for a bankruptcy lawyer that comes from a personal recommendation instead of someone random on the Internet or in the yellow pages. There are a number of companies who may take advantage of your situation, so always work with someone that is trustworthy.
Be as honest as you possibly can when filing for bankruptcy; hiding liabilities or assets will only hurt you in the long run. The lawyer representing you when you file needs to have full knowledge of your financial situation. Telling the truth will allow you reach a solution that is feasible, given your current situation.
Chapter 7
Be sure you know how Chapter 7 and Chapter 13 differ. Should you choose Chapter 7, your total debt load will be erased. You will be removed from any contracts you have with your creditors. On the other hand, filing for bankruptcy under Chapter 13 means you will have 60 months to pay your debts back. You have to know what differs between all of the kind of bankruptcy, so you know which is one is ideal for you.
It is important to understand clearly the benefits of a Chapter 7 or 13 bankruptcy. Learn the benefits and drawbacks of each type before deciding which is right for you. Ask your bankruptcy lawyer to clarify anything you don’t understand before making a final decision about which type of bankruptcy to file.
Consider filing using chapter 13 bankruptcy. In most states, Chapter 13 bankruptcy law stipulates that you must have under $250,000 of unsecured debt and a steady income. This lets you keep any real estate and personal property while you repay all your debts through a consolidation program. These kinds of plans usually range across 3, 4 and 5 years. Once this is done, all your unsecured debt will get discharged. Remember, though, that if you fail to make even one payment, the case will be thrown out and you’ll be right back where you started.
Now that you’ve read this article, I hope you can see that having personal bankruptcy doesn’t necessarily mean doom for you. Although it is hard at first, you will get through it. Put the information you have found in this article to use so that you can have a very successful bankruptcy.
Filing For Bankruptcy? These Tips Can Help
When you file for bankruptcy, it can not be described as a simple procedure. You need to know what type of bankruptcy you should file for based on your current finances and the type of debt you have. Therefore, it is essential that you learn about bankruptcy prior to petitioning the courts for bankruptcy protection. This article is a great place to start learning this information.
Don’t use credit cards to pay your taxes if you’re going to file bankruptcy. The fact is that the credit card debt will be ineligible for discharge, and your tax debt may increase. In most cases, you can use the adage that “a dischargeable tax is a dischargeable debt.” So as you can see, in this situation there is no need to use the card when the debt will be discharged when you file for bankruptcy.
If you are going through a bankruptcy do not fall victim to guilt and pay off debts that you do not need to pay. Avoid ever touching retirement funds until you have no other choice. Although you may need to tap into your savings, you should not use up all of it right now and jeopardize the financial security of your future.
The best way to build your credit up after a bankruptcy is making all your payments on time. If you find yourself in this situation, you may want to think about getting a secured card or two. By doing this, you will be letting people know that you want to fix your credit score. Then, in time, it may be possible for you to obtain an unsecured credit card.
If a personal recommendation comes your way, this should be a lawyer you focus on. Companies are constantly popping up, claiming to help, yet only seek to profit from your misery. In ensuring that your bankruptcy is as simple as possible, trusting your attorney makes a big difference.
Don’t file for bankruptcy until you know what assets of yours can and can’t be seized. The Bankruptcy Code provides a list of all the different kinds of assets that you can exclude. It is crucial to read the list before you file for bankruptcy so you know whether your favorite items will be taken. If you don’t heed that advice, you might find yourself getting surprised when your favorite things are repossessed.
Brush up on the latest bankruptcy regulations before you decide whether or not to file. The laws are constantly undergoing changes, so you must stay on top of them if you are going to file for personal bankruptcy correctly. To stay up-to-date on these laws, check out your state’s government website.
Be sure to weigh all of your options before deciding to file for personal bankruptcy. For example, consumer credit counseling programs can help if your debt isn’t too large. You may also find success in negotiating lower payment arrangements yourself, but be certain to get any arrangements with creditors in writing.
Be sure your home is well protected. You do not have to lose your home in the process of a bankruptcy. If your home has significantly depreciated in value or you’ve taken a second mortgage, it may be possible to retain possession of your home. You can also investigate your state’s homestead exemption, an option that might enable you to keep your home if certain financial requirements are met.
As you can see, filing for bankruptcy is a serious decision that must be considered carefully before you make it. If it’s the best course of action for your current financial situation, then be sure to find an attorney with a lot of experience with personal bankruptcy so that you may be able to have a better financial future.
Advice To Make The Process Of Bankruptcy Easier
You can be engulfed with an assortment of emotions when you have to file for bankruptcy. Many live with the constant fear of being unable to repay their debts while also maintaining a decent standard of living. No one is truly stuck when it comes to personal bankruptcy, as you will see through the tips from this article.
When people owe more than what can pay, they have the option of filing for bankruptcy. If this is happening to you, then learn about the laws where you live. The laws governing bankruptcy vary from state to state. For instance, in some states, you can’t lose your home to bankruptcy, while in other states, you can. Do not file before learning about the bankruptcy laws in your state.
It should go without saying, but refrain from lying in your bankruptcy filings. It is vital that you disclose all information about your assets and income so there are no delays or penalties, such as a court barring you from filing again later in the future.
Never give up. You may be able to regain property like electronics, jewelry, or a car if they’ve been repossessed by filing for bankruptcy. There is a chance that you can get back your property if it has been less than ninety days since repossession. Speak to a lawyer who will be able to help you file the necessary paperwork.
Don’t pay to for an initial consultation with a bankruptcy attorney, and thoroughly question each candidate. Almost all lawyers will give a free consultation, so meet with more than one before making a decision on whom to hire. Only choose a lawyer if you feel like your questions were answered. You do not have to give them your decision right after the consultation. You can take as much time as you need to meet with different lawyers.
Many bankruptcy attorneys offer the first consultation with no charge, so consult with several before deciding on one. Ensure that your meeting is actually with the attorney, not with a paralegal or an assistant. People in these positions are unable to offer legal advice. Seeking out different attorneys is all part of the process until you find someone that you can trust.
Before filing a bankruptcy claim, make sure that your home is well protected. Filing for bankruptcy does not mean you have to lose your home. If your home has significantly depreciated in value or you’ve taken a second mortgage, it may be possible to retain possession of your home. If you’re not sure, however, you can always study the particular homestead exemption regulations. You will learn everything you need to know.
Find out about lowering the cost of the payment you pay monthly on your car, if you are afraid of losing it. Many times, payments can be lowered through Chapter 7 bankruptcy. Your car must have been purchased more than 910 days prior to filing, be a high interest loan, and you must have had a steady work history for this to work.
Be decisive at the correct moment in time. Timing is important, and that is especially true when filing for bankruptcy. In some cases, it is better to file immediately, while other situations benefit from trying to get certain finances in better shape before filing. A lawyer is in the best position to evaluate your case and figure out when you should file for bankruptcy.
Now you can probably see that filing for personal bankruptcy protection does not mean your finances are doomed forever. You may have found yourself being fearful when you began thinking of bankruptcy, but once you get through it, you will find it’s not the end of the world. Using the information offered here, it is possible for you to eventually climb out of debt .
What Do You Need To Do To File Personal Bankruptcy?
Filing for personal bankruptcy is an option that anyone with property repossessions should consider. Bankruptcy will hurt your credit, this is true. However, it may be the only viable option available to you. Read this article to learn more about filing bankruptcy and the consequences from doing so.
Think twice if you have struck upon the idea of paying off your taxes by credit card and subsequently filing for personal bankruptcy. In some places the debt can not be discharged, and you may still need to pay the IRS afterward. If the tax has the ability to be eliminated, the debt can be too. It is pointless to use credit cards if they can be discharged.
Before undertaking the bankruptcy process, ensure you have made the correct decision. Look into credit counseling to see if it could help you work out of your debt without bankruptcy. If you file for bankruptcy, a mark is permanently left on your credit. Therefore, before you do this, you should utilize all the other options that you have.
Credit Card
Be warned that after your bankruptcy, you may stand out as a leper to credit institutions. You may be unable to get a simple credit card. A great way to rebuild your credit is to apply for a prepaid credit card. This will demonstrate that you’re seriously trying to restore your credit. Unsecured credit may be offered to you quicker than you think after doing so.
If you know people who have filed for bankruptcy, ask them who they would recommend rather than relying on Internet reviews or worse, just randomly picking someone out of the phone book. You want your bankruptcy to go smoothly, and the Internet is rife with fly-by-night companies whose only goal is to prey upon the financially desperate.
Before pulling the trigger on bankruptcy, be sure that other solutions aren’t more appropriate for your case. For example, consumer credit counseling programs can help you by renegotiating your debts with your creditors into payments that you can afford. You should also try negotiating a payment plan with your creditors; make sure you get a written agreement of the new payment plans.
Before filing for bankruptcy ensure that the need is there. Perhaps just consolidating some of your existing debt, could make them easier to manage. A bankruptcy filing takes a great deal of time, and it can be extremely stressful. It will also limit your ability to get credit for the next few years. You only want to file for bankruptcy after you have exhausted your other options for dealing with your debts.
Filing Process
Do not forget to enjoy life a little once you get through the initial filing process. The filing process is extremely stressful for a lot of the people who go through it. That stress can cause depression, if you don’t take care to avoid it. Life is going to get better once you get through this.
Before you decide to file for Chapter 7 bankruptcy, consider how it could affect other people on your credit accounts, such as family members or business partners. Speak to an attorney or read the bankruptcy laws in your state to find out if certain loans can be excluded from your filing. However, creditors can demand co-debtors pay the amount in full.
As said in the beginning of the article, personal bankruptcy is always an option. Given that fact, it should be your last resort due to the consequences involved. Knowledge is power when it comes to bankruptcy.
Need Help Filing Bankruptcy? Try These Ideas!
As you probably know, the economy is in the toilet. The bad economy has contributed to more job losses and mounting personal debt. Debts can lead to bankruptcy, something that is very bad. If you, a friend, or a loved one is in financial trouble, this article could help decide if bankruptcy is the right option.
Don’t be afraid to remind your lawyer about important aspects of your case. Don’t just assume they already know and that they have these important details committed to memory or written down. This is your future in their hands, so don’t be scared to mention it.
Chapter 13
Find out more about Chapter 13. If you owe an amount under $250,000 and have a consistent income source, Chapter 13 may be right for you. Chapter 13 bankruptcy permits you to remain the owner of your properties, while allowing you to repay your debt using a debt consolidation loan. It usually takes three to five years to fulfill this plan. When the time is up, you’re unsecured debts will be discharged. Remember, though, that if you fail to make even one payment, the case will be thrown out and you’ll be right back where you started.
Investigate other alternatives before resorting to bankruptcy. There are many other options including debt consolidation and making payment plans with your creditors. Loan modification plans on home loans are a great example of this. The lender can help your financial situation by getting interest rates lowered, dropping late charges, and in some cases will allow you to pay the loan over a longer period of time. Making arrangements with the creditors to make reasonable payments towards you debt is a much better plan than bankruptcy because the lender simply wants the loan repaid.
After you have filed for bankruptcy, enjoy your life. Filing for personal bankruptcy can be very stressful for the debtor. It is essential to cope with this stress well, to prevent becoming depressed. Life will surely get better after you finish this process.
Know your rights when filing for bankruptcy. Do not rely on your debtors information about whether or not certain loans can be included in your bankruptcy. There are, indeed, some debts that cannot be bankrupted. Among them are student loans, child support and alimony payments. If a collector tells you your debt won’t be discharged in your bankruptcy and you know that it will, report the collector to the attorney general’s office in your state.
Create a list of all of your finances before filing for bankruptcy. Neglecting to include the smallest of detail can lead to a petition being dismissed. No sum is too small to be included; err on the side of caution and include everything. This might take the form of odd jobs, extra cars and outstanding personal loans.
Personal Bankruptcy
Gain all the knowledge of personal bankruptcy that you can. Your case may be rife with issues due to pitfalls inherent in codes regarding personal bankruptcy. Some mistakes can even lead to your case being dismissed. Make sure you have a decent understanding of the bankruptcy process before you proceed. If you take care of this now, you can avoid problems going forward.
If you plan to pay debts off before you file for bankruptcy, be careful. Some bankruptcy rules do not allow you to send money to creditors within three months of filing; this can extend up to a full year if a loved one is involved. Make sure you have a complete understanding of what is occurring prior to making any final decisions.
The economy is showing signs of recovery, but unemployment and underemployment are still high. Even if you do not have a steady income, you may still be able to avoid bankruptcy. You hopefully have more knowledge now on how you can avoid bankruptcy. We wish you well.