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5 Things You Must Know Before Filing Bankruptcy

5 Things You Must Know Before Filing Bankruptcy

It’s the first day of the month and millions of Americans are not only experiencing payday but pay out day. Rent, car payments, mortgages, and so many other bills have many Americans dreading the first few days of the month.

Why is it that paying bills is so dreadful? Perhaps it is because 38.1% of Americans are in debt and every year approximately 1.2 million have been forced to file bankruptcy for a host of reasons including unemployment, large medical expenses, seriously overextended credit, and marital problems.

You Will Still Have to Pay Your Student Loans

Bankruptcy has continued to be a popular trend for those who find themselves in loads of debt and feel as if filing bankruptcy is all they need to do in order to obtain relief. One misconception that many people seem to have about filing for bankruptcy is that it will save them from having to pay off their student loans. While that would be an exciting benefit of filing for bankruptcy, it is not one of them. In fact, a student loan is the one thing that cannot be forgiven in bankruptcy.

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Before jumping the gun, it is vital that you do some research. In fact, many banks offer educational portals online that allow customers and consumers to do their research before making any decisions that can impact their finances. If after all of your research you determine you are ready to file for bankruptcy, there are a few things that bankruptcy lawyers suggest that you avoid doing:

1. Obtaining new Debt

Do not acquire more credit card or other types of debt if you are within 70-90 days of filing bankruptcy. If you choose to obtain new debt and later file for bankruptcy, that creditor has the ability to object to your request.

It can simply be discharged because the creditor can argue that they didn’t approve your loan with the knowledge that you had not intended to pay it back.

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2. Transferring Money

When you file for bankruptcy you are often asked to provide information regarding any assets you have, or will soon have, in your possession. Many people walk into bankruptcy so fearful that they operate in panic and end up selling or transferring assets out of their names in order to avoid losing the few assets they have remaining.

While this may seem smart to the individual who is filing bankruptcy, it is illegal to hide assets. Not only could your bankruptcy be denied but you would be putting yourself at risk for criminal penalties.

3. Paying off any Creditors

Many bankruptcy experts encourage individuals not to pay back loans or other creditors within 90 days of filing bankruptcy. If you do, you may be eligible for a preferential transfer.

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This can easily be undone once you file for bankruptcy. The trustee leading the bankruptcy can use this preferential transfer to help you get money back from the individuals that you paid off prior to your bankruptcy.

4. Cashing out Your Savings

Many people will attempt to cash out their savings as another way to hide money from their bankruptcy trustee or creditor but the joke may, in fact, be on them.

If you are caught cashing out your savings, you risk criminal prosecution. While saving a few assets may be important to you today they won’t serve any purpose if you are a convicted felon.

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5. Delaying the Process

If you have sought professional advice and it has been determined that you should file for bankruptcy, find out how long you should or should not wait and then take action. In some cases, you can run into bigger problems if you delay your filing.

Featured photo credit: economynewswire.com via economynewswire.com

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Stephanie Caudle

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Last Updated on September 17, 2018

7 Signs of an Unhappy Relationship That Makes You Feel Stuck

7 Signs of an Unhappy Relationship That Makes You Feel Stuck

Relationships are complicated and when you’re unhappy, it can be difficult to tell what’s causing it and what needs to change.

Sometimes it’s as easy as opening up to your partner about your problems, while other times it may be necessary to switch partners or roll solo to get your mind straight.

When you’re in the thick of things, it can be difficult to tell if you’re unhappy in your relationship or just unhappy in general (in which case, a relationship may be just the cure you need).

Here’re signs of an unhappy relationship that is possibly making you feel stuck:

1. You’re depressed about your home life.

No matter what you do in life, you’re going to have good and bad days. Your relationship is no different.

However, no matter what you’re going through at home, you have to feel comfortable in your own home.

If you constantly dread going home because your significant other is there, there’s a problem. Maybe it’s something you already know about, everyone has an argument or just needs some alone time.

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When that yearning to be alone becomes an insatiable obsession over the course of months and years, it’s time to realize you’re not the exception to the rule.

You’re unhappy in your relationship, and you need to take a look in the mirror and do whatever it takes to make yourself smile.

2. You aren’t comfortable being yourself.

Remember all those things you discovered about yourself when you first got together? The way your partner made you feel when you met that made you fall in love with him or her in the first place.

If they don’t make you feel that way anymore, it’s not the end of the world. If your partner makes you uncomfortable about being you, then her or she is only dragging you down. It’s up to you to decide how to handle that.

You need to be comfortable with who you are. This means being comfortable in your skin and with the way you walk, talk, look, breath, move, and all the other things that make you uniquely you.

If the person who supposedly loves you doesn’t make you feel good about yourself, know that you can do better. They’re not even one in a billion.

3. You can’t stop snooping.

Mutual trust is necessary in any relationship. The only way to get that trust is with respect.

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I can find you anywhere online, no matter how private and secure you think you are. The odds of you having a password I can’t crack are slim. If we’ve met in person, I could install a remote key logger on your device without even touching it.

Finding your information online hardly takes a clandestine organization. Any idiot with a Wi-Fi-enabled device can cyberstalk you. I’m just the only idiot in the village admitting it.

So now that we know everyone snoops, it’s time to address your personal habits. Governments snoop because they don’t trust us. If you’re snooping on your partner, it’s because you don’t trust them.

It’s ok to have doubts, and it’s perfectly normal to look into anything that looks weird, but keep in mind that data collection is only half of an investigation.

If you find yourself constantly snooping and questioning everything, clearly there’s a trust issue and the relationship likely needs to end.

4. You’re afraid of commitment.

If you’ve been dating longer than a year and you aren’t engaged, it’s never going to happen.

Commitment is important. People will come up with a million ways to describe why they can’t be committed.

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No matter who you are if you like it, you need to put a ring on it. Find an engagement ring, stick a gemstone in it and marry the person. If you’re not legally able to get married or you don’t believe in it for one reason or another, have a child (or adopt one, however you’re able to) or treat your partner’s family like your own. It’s a huge financial and mental commitment.

If you’re not ready for one or the other after some time, don’t waste anymore of your precious life on the relationship.

Your relationship should be something that propels you forward. If it’s not going anywhere, make it an open relationship and call it what it is—dating multiple people.

5. You imagine a happier life without your partner.

If all you’re doing is imagining a happier life without your partner, it’s a sign that you’re in the wrong relationship. You’re unhappy and you need to get out.

Your partner should be included in your dreams. There’s nothing wrong with wanting a future with someone.

Try to remember what you dreamed of before you got your heart broken by the realities of life, love and the pursuit of human success.

Remember when you would crush on that cute kid in class? You would secretly imagine marrying him or her and going on an adventure—that’s the way life should be.

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If you’re not at least imagining adventures together, then why are you in that relationship?

6. You resent, rather than love your partner.

When a relationship starts to crumble, you begin to resent your partner for all the things you once loved about him or her.

When you’ve reached this point, your partner has reached at least No. 2 on this list. From your partner’s perspective, your unhappiness with them is picked up as bashing them for being who they are.

If you’re both unhappy in the relationship, it’s better if it ends as quickly and painlessly as possible.

7. You chase past feelings.

It’s okay to reminisce about the past, but if all you do is wish things were like they used to be, it’s a sign you’re not on the right path.

You’re unhappy and, at the very least, you need to have an open dialogue about it. This isn’t necessarily a sign that the relationship should end, but it definitely needs a spark.

When you talk to your partner candidly about what it is you’re looking for, you never know how they’ll react. The risk alone is worth it, good or bad.

Final thoughts

If you’re feeling stuck in your current relationship, it’s time to reflect about it with your partner. Don’t ignore these signs of an unhappy relationship as they will slowly go worse and harm both you and your partner in long-term.

Featured photo credit: josh peterson via unsplash.com

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