In this post, we have discussed about the essential tips which you have to know before filing the bankruptcy which will be helpful for you.

1. Tips for Bankrupt People to
Pay For Bankruptcy

2. Index
 Why Bankruptcy?
 Reasons For Bankruptcy
 Things To Consider Before Filling
 How to Pay For Bankruptcy
◦ They Stop Paying Their Other Bills
◦ They Make a Payment Plan With Their
Lawyer.
◦ They Get the Money From Their Family or
Friends.
◦ Use Their Income Tax Refund
 Who We Are?

3. Why Bankruptcy?
 People get into financial trouble:
◦ They have ignored the total cost of
borrowing.
◦ They have taken too many offers for
credit.
 Filing takes place in the courts and you
must give up most of what you owsn.

4. Reasons For Bankruptcy
 Medical Expenses
 Business Losses
 Job Loss
 Natural Disaster
 Credit Card Debt

5. Things To Consider Before Filling
 A bankruptcy filing could determine whether
or not you get a job.
 Your insurance rates could rise.
 You may find it difficult to rent an apartment
or qualify for a home loan.
 Bankruptcies stay on your credit report for 10
years.
 Bankruptcy can lower your credit score.

6. How to Pay For Bankruptcy
A Bankrupted has to do the following things
to pay for Bankruptcy. These are:-
 They Stop Paying Their Other Bills
 They Make a Payment Plan With Their
Lawyer.
 They Get the Money From Their Family or
Friends.
 Use Their Income Tax Refund

7. They Stop Paying Their Other
Bills
Depending on the circumstances of your
individual case, your attorney might give
you the go-ahead to stop paying certain
bills. These might include credit card
payments, medical payments, car loan
payments, even house payments. Do NOT
stop paying your bills without consulting
your bankruptcy attorney.

8. They Make a Payment With
Their Lawyer
Some law firms have a payment system
where clients can make payments toward
their bankruptcy case. When they have paid
in full, the attorney files the bankruptcy
case. and deal with your creditors on the
phone, letting them know your intention of
filing for bankruptcy.

9. They Get the Money From Their
Family or Friends
Another way in which people pay for their
bankruptcy is through a gift from dear old
mom. Now, no one dreams of growing up
and having their parents pay for their
bankruptcy, but desperate In addition,
friends and family are often in the closest
position to see that your need to file
bankruptcy isn't because of frivolous
spending.

10. Use Their Income Tax Refund
Most bankruptcy filers are in fact employed
and do have an employer who withholds
funds from their wages for income tax.
Often, this results in an income tax refund
being paid in the beginning of the year after
their income tax return is processed.

11. Who We Are?
KGN Consult is an experienced
bankruptcy consultant who provide the
important tips through which you can deal
with bankruptcy.