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The Song Of Bankruptcy: Your Melody of Money

bankruptcy-musicFor as long as we can remember, recording artists put pen to paper – and hands to instruments – to showcase their musical talents to their adoring public. Most songs follow the same pattern in most cases: chorus, verse, repeat, then after the orchestral climax in the middle as the song gets into full swing, it comes to an – often abrupt – end. Often the focus is about love – first love, happiness, unrequited feelings, heartbreak or otherwise. And each and every song conveys a message; more often than not about that love and the happiness – and tragedies – that accompany it.

So how is bankruptcy similar to this?

During this time, money is not exactly the object of your affection, but it is taking center stage in your thought processes right now. So to put it into a musical context, the song of bankruptcy would not be a consistently happy one – similar to those countless melodies you hear filled with the agonizing pain of unrequited love. But oftentimes, it is the sad, songs of a slow tempo that tug at your heart strings the most, and are the most relatable.

It would perhaps start in a melancholy fashion, and will feature many twists and turns up until the finale – a much welcome finale in the case of bankruptcy and financial woes. We even wrote a post on this recently, on the emotional bankruptcy cycle. Stress, anger, sadness…these are all completely normal emotions to experience during this time in your life. You, among all the hundreds of thousands of other bankruptcy filers each year, are all experiencing the same thing. And your bankruptcy song will follow very much the same pattern as the filers around you.

It may not have a large accepting audience, but that is nothing to concern yourself with at this stage. To quote the famous Dr. Seuss, “Those who mind don’t matter, and those who matter don’t mind.” Surround yourself with true friends when showcasing your bankruptcy melody. They will stick by you through thick and thin. Even if you have difficulty singing in tune or strumming a guitar. 😉

There are many steps to take into consideration in the process of having your debts discharged – predominantly finding an EOUST-approved provider of the required Credit Counseling and Debtor Education. These would form the body of the first and last verses, respectively. And the remainder of the song is all about you. What do you want to sing about during this time? How have your financial troubles impacted you? Now is your time to relieve yourself of this stressful burden for just a few moments, and envisage life after filing –financial freedom, lower stress levels, and for those of you who are tone deaf, there will hopefully be no reason to subject your friends and family to any more singsongs. 😉

If you aren’t one for singing, perhaps try our bankruptcy video game? It doesn’t matter how you keep your spirits high during a period of financial distress, so long as you have an outlet to effectively do so. When making the strides to eliminate your debts, remember the most important person in all of this: you. Remember to be kind to yourself and keep your spirits lifted. Just like how a heart-warming song does for the soul.

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Day 5: Debunk A Long-Standing Myth About The Bankruptcy Industry

mermaidBeing in an environment as dynamic as the bankruptcy sector, within which people heavily invest their emotions, there is bound to be a constant flurry of concerns regarding fact, fiction, and the direction to take once the financial turmoil is over. We have actually addressed common bankruptcy misconceptions in a previous post, where we took delight in debunking a few commonly heard myths for your reading pleasure:

Myth #1) Filing for bankruptcy means I am financially irresponsible

Myth #2) Bankruptcy permanently damages your credit.

Myth #3) I am employed, so I can’t file for bankruptcy.

Myth #4) Filing for bankruptcy will cost me my job.

Myth #5) I am married, so my spouse has to file for bankruptcy, too.

Myth #6) I am not in ‘enough debt’ to file for bankruptcy.

Head over to the post itself to read more: Life After Bankruptcy: Addressing The Common Bankruptcy Misconceptions and breathe a sigh of relief! And don’t forget to check back tomorrow for our next post.

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Life After Bankruptcy: Addressing The Common Bankruptcy Misconceptions

bankruptcy-mythAfter our previous post on success after bankruptcy, we felt it important to address the common fears and misconceptions associated with the bankruptcy process. The stigmatizing nature of just the ‘B word’ itself strikes fear in individuals, so much so that EU Officials are reportedly trying to banish it altogether in favor of the term ‘debt adjustment.’ So here are some of the most common bankruptcy myths and misconceptions.

Myth #1) Filing For Bankruptcy Means I Am Financially Irresponsible.

FALSE! There are many reasons people struggle financially to the extent where they need to file for bankruptcy – it may be no fault of their own, i.e.: through illness, divorce, or losing their job. But acknowledging there is a problem and seeking help through a
bankruptcy attorney or looking into bankruptcy courses – such as the ones offered by Affordable Bankruptcy Courses – is a great way to start. Such a positive, proactive mindset signals the start of a more stable financial chapter in your life.

Myth #2) Bankruptcy Permanently Damages Your Credit.

FALSE! Recovery is possible. It is a common belief that once you have filed for bankruptcy, you are officially ‘financially irresponsible’ and are doomed financially. It is thought that such a ‘blip’ on your financial radar means that there is no getting back to any kind of stable financial standing. But this is not the case – there are many actions you can do to avoid falling into the ‘bankruptcy black hole’; to come out of the other side of bankruptcy with a good, proactive plan to recover financially and build solid foundations for your fresh financial future. Budgeting, saving, credit scoring, correcting those errors on your credit report…there is an abundance of methods to help you get back on track. Start Fresh Today Plus has a large selection of tools and resources for those looking to rebuild their credit and start fresh post-bankruptcy.

Myth #3) I Am Employed, So I Can’t File For Bankruptcy.

FALSE! If your income is not enough to cover your debts, bankruptcy is still an option – even if you are employed. Chapter 13 bankruptcy is known as the “wage earner’s plan” as it is for those with a steady income who can slowly pay off their debts as opposed to having them entirely discharged.

Myth #4) Filing For Bankruptcy Will Cost Me My Job

FALSE! Firing someone because of their bankruptcy filing is ILLEGAL. If you either filed, were insolvent prior to a bankruptcy discharge, or have not paid any debt which was discharged during your bankruptcy, no employer can legally terminate your employment. Your spouse’s job is also protected, despite their association with you and your case.

Myth #5) I Am Married, So My Spouse Has To File For Bankruptcy, Too.

FALSE! If only one of you owes debt, then only one of you should file. If your debts are joint, that is a different matter. According to an attorney blog,if your debt is not joint, then your filing will have no direct impact on your partner’s credit, job prospects, or financial situation. This is because a debt is a contract between a creditor and a debtor, and each debtor signs to enter into the agreement to be liable for payment. Your debts are not also the debts of your spouse purely through association.

Myth #6) I Am Not In ‘Enough Debt’ To File For Bankruptcy

FALSE! There is no ‘debt limit’, or minimum debt requirement. According to an attorney blog, it is determined on whether you are able to repay your debts, if you could even discharge your debts during a bankruptcy, and if your creditors are willing to work with you on a realistic time frame for repayments. So it is not the amount of debt, but the nature of it – are your creditors pressuring for payment, and threatening to sue? Garnishing your wages? Trying to repossess your property? If you answered yes to any of these, bankruptcy may be a viable option for you.

For more detailed information on more bankruptcy misconceptions, stay tuned for our next blog post. Chances are, you are here because you are looking for financial help and are interested in potentially filing for bankruptcy. Affordable Bankruptcy Courses can help!

The First Step To Financial Recovery? Taking the required EOUST-approved Credit Counseling to kick-start your bankruptcy process. Available 24/7, in English and Spanish.

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