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Chapter 7 Bankruptcy serves as a last resort for people who are so consumed with debt that they have no other options. This usually happens when something unexpectedly happens like high medical bills or major damage done to your home.

There are always the good and the bad aspects when filing for bankruptcy. For instance you’ll get a fresh start since your debt will get removed. The downside is that it’ll remain on your credit record for 10 years, which could affect your chances of buying a new car, getting a mortgage or even a new credit card. This is why it’s important to know how bankruptcy works before filing.

Here are important tips about knowing when the right time to file bankruptcy is.

Making the Decision to File for Bankruptcy

Filing for bankruptcy should only serve as your last resort. If you’re months behind on your bills, credit card companies are calling nonstop and you’re struggling to make ends meet because of your debt, then start getting information on bankruptcy protection by speaking with an attorney.

File During Tax Season

One of the most popular times to file for Chapter 7 bankruptcy is during the beginning of the year. Most of the time people will use what they get back in their tax refund to pay any court fees and their attorney when they file. Your fees just for filing could easily reach $2,000 and they must get paid in full before your attorney will file your paperwork and get started on your case.

Get Everything Together

No one likes dealing with tons of paperwork, especially during the difficult time of filing for Chapter 7 bankruptcy. Many opt to file at the end of the month to cut the amount of paperwork they would have to get together. The paperwork would include 60 days worth of pay stubs and take and turn in your means test, which will confirm that you’re eligible to file for bankruptcy. While you don’t need to wait until the end of the following month if you can’t get all your paperwork together, but you will need to have another month’s worth of income to document.

Going Through a Foreclosure

The biggest reason many people are filing for Chapter 7 bankruptcy is due to getting too far behind on their mortgage payments. Filing for Chapter 7 before the first Tuesday of the month could benefit you since that’s the day mortgage companies will file foreclosure proceedings.

When not to File

While it’s good to know when you file bankruptcy what the right time to do it is, it’s just as important to know when not to file. It’s recommended that you don’t file right after getting paid. It’s required that you show the current balance in each bank account you own. Your bank accounts are considered assets. File for bankruptcy after you know your bills are cleared, but before receiving your next paycheck.

: Image via Wikipedia

Here’s a new category for “two types of people in the world:” those who put things on their fridge and those who don’t. Yes, there are folks who prefer to have no signs of life or personality in their kitchen. For the rest of us, we love to share our kids’ latest masterpiece, kitschy magnets or a unique postcard by tacking these items on the refrigerator. Aside from a classic travel postcard with declarations of “wish you were here,” smart businesses are getting in on the act with fun and cheeky postcards promoting their company. Not only can these postcards provide a smile for everyone in the family, but they can also attract new customers who happen to glance at them. It all comes down to the picture.

Yes, you can simply send out a postcard with a picture of your storefront or your company logo. That won’t make it onto the fridge. When it comes to postcard design, think outside of the box. There are literally thousands of creative images you can incorporate into your postcard design. Not a whiz at Photoshop? You don’t have to be. Whatever online postcard company you’re working with to print your cards will have experienced graphic artists standing by to provide guidance. You can basically tell them what you want and they’ll take it from there.

Another method would be to spend some time surfing the Internet looking for a fun image to inspire your postcard design. Just because you are promoting a dry cleaning business doesn’t mean you can’t have fun with the postcard. What’s great about postcards are they are perfect to hand out or share with other businesses. You can also track their effectiveness by printing a coupon on the card itself. When customers bring the postcard into your business, you’ll reap the reward. Unless of course they don’t want to give it up!

When is the Right Time to File Bankruptcy

Make Your Promotion A Keepsake

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