If you are a disabled veteran and are facing some financial troubles, you may be going through a lot of stress. If you are considering filing for bankruptcy, these steps can be taken. They will help you deal with your financial problems effectively.
Look at Your Finances
The very first thing you should do before filing for bankruptcy is to look at your finances. Look at all of your assets, and then examine your expenses. If you can, try to eliminate expenses that you simply don't need. These may include going out to eat at restaurants, seeing a movie or buying clothes.
You should then take a look at your credit report, which can be done online. Doing this helps you see which creditors you owe. A bad credit score is anything below 620. If your credit score hovers around this range, and you can't acquire any more money through family or work, it may be time to file for bankruptcy.
Know the Benefits
Before filing for bankruptcy, you should know what the actually benefits are. As a disabled veteran, when you file for Chapter 7 bankruptcy, you will not have to take the means test. This test is used to disqualify debtors who actually have disposable income to pay back some of their debts.
One of the most important benefits gained from filing for bankruptcy is that all of your creditors will not be able to harass you anymore. They can't call, text or mail you letters, allowing you to have some peace while trying to work out your finances.
Get Help from a Bankruptcy Attorney
If you have made up your mind are are going to file for bankruptcy, it's important to get help from a bankruptcy attorney. These professionals will help you get through this difficult time, and they will make sure creditors don't harass you throughout this process.
With the help of an attorney, you can decide if you want to file Chapter 7 or Chapter 13 bankruptcy. Chapter 7 is where you lose all unsecured debts, where Chapter 13 gives you ample time to pay back the debts you owe.
Also, a bankruptcy attorney from a firm like Armed Forces Legal Center will help you build your credit back up. They will make sure you pay everything on time, as well as sign you up for structured payment plans. This gives you a concrete idea of how to get your finances back in order.
So if you are a disabled veteran and going through tough times financially, filing for bankruptcy may be your best option. To help you out with the process, the steps above can be taken.