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Getting A Grip On Your Bankruptcy Debt

Mar 13, 2008
If you are at any time required to file for bankruptcy it is crucial to remember that there is certain bankruptcy debt which will need to be paid more than some others. Below we take a look at what are considered to be the essential debts that one needs to pay to creditors after a person has filed for bankruptcy. If a person chooses to ignore them, they could find their selves in a much worse situation that could lead to them ending up homeless.

The most essential bankruptcy debt that one should ensure that you make is the payment for your mortgage or rent. This should be the most important payment and top of any debt list to ensure that you and your family have a roof over your heads at all times. But if you think that actually making these payments is going to be difficult then you need to seriously think about selling up or renting a property that is better priced.

If you are thinking of selling your home then you very carefully need to weigh up the advantages and disadvantages of doing so before you actually place the house on the market. You may actually find that rather than selling up immediately and waiting another six months to a year, the value of your property may well go up. This could then lead to you have a small surplus of additional cash, which you can then use to pay off the more important creditors.

Other debts that need to be placed high on the list of those that should be paid are those for your heating, electricity, water and telephone. Without these, life will become extremely difficult and in some cases can be very unsafe as well.

For those of you who have a car and have brought using a loan then if you need your vehicle for work it is crucial that you keep making the payments on it. If you are finding this difficult then either consider selling it or handing it back to the dealer voluntarily. Not only will it help you to avoid having to go through the process of having it repossessed but if you do sell it privately then any funds that you have left over can go towards buying you another much cheaper car instead.

Along with the essential debts that we have mentioned above another one which all bankrupts will need to take into account is any taxes that they have which are outstanding to the IRS. A good idea to avoid them taking funds directly from your salary, bank account or through them taking your home is to discuss with them a sensible repayment plan, which will enable you to settle all outstanding debts with them.

It is vital that before any of the more nonessential debts that you have to get paid, you make sure that you keep up the payments on the essential ones, such as those we have mentioned above. It is more important that you remain in your home with your family, which is safe and warm than to give money over to a creditor who you only owe a few dollars to. Explain to them your situation and arrange to make a payment when you have any funds available to do so.

Above we have shown you what bankruptcy debts one will need to pay in order to help the situation from escalating further. Generally, when a person has been declared bankrupt a financial advisor will be appointed to assist them in getting the essential debts paid on time and as agreed with the creditors.
About the Author
For more information and additional insights about how to analyze your Bankruptcy Debt as well as getting a free bankruptcy evaluation from a qualified bankruptcy lawyer local to you, please visit our web site at http://www.bankruptcy-data.com
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