Have you been using your credit card to pay for everything? Have you ever given in to the urge to buy something on the spot? Does a day go by without you buying something you don't really need or can't really afford?
If any of the above sounds like your life, you may be headed for a financial tsunami, or in plain English, bankruptcy. Too many people think that spending money without thinking is harmless and that there is nothing wrong with it, but nothing could be further from the truth.
Man has made a lot of laws, some of which are good and some of which are really bad. However, there are also universal laws, and one of them is that for every action, there is an equal and opposite reaction. In other words, for every bad financial decision you make today, there will be a consequence tomorrow that is the exact opposite. Tomorrow might be a few months or a few years away, depending on the situation, but you can count on it.
Taking care of your money makes sense not only from a financial point of view, but also from an emotional and physical point of view. Anyone who has ever been in a tough financial situation knows that it can really hurt your health. It becomes a heavy burden that is always there.
Life is all about choices, and you can choose to change and avoid going bankrupt, or you can keep going the same way and risk putting yourself and your family through the emotional trauma described above. Of course, if you have so much debt that it feels like a mountain, it may be time to do what you have to do and file for Chapter 7 or Chapter 11 bankruptcy.
Even though creditors want to get paid, they are not stupid and want to work with you because that's the only way they can get paid. Since you might have to file for bankruptcy if they can't help, it's in their best financial interest to help you. Because of this, most creditors and lenders will do whatever they can to give you options that will help you start climbing out of the financial pit of debt.
But sometimes bankruptcy is the only way to go. If you are in a situation where bankruptcy is unavoidable or if you are going through bankruptcy or will soon be discharged from bankruptcy, there is life after bankruptcy. It's not as good as it was before Congress changed the bankruptcy laws a few years ago but you still have options.
One option is to be able to get a mortgage after bankruptcy, which is also called a "bankruptcy mortgage," in a short amount of time. Of course, you should do some research, shop around, and keep in mind that you have options even after bankruptcy and that many parts of a mortgage can be negotiated.
Tip: The links below can help you find the best lender for your needs.
