Filing for Bankruptcy? Here's What You Need to Know

When you are considering making your bankruptcy application, you must take into consideration that the rest of your life could be potentially negatively affected, you may have trouble finding work, and your credit score will be besmirched for six years. Making the decision to file for bankruptcy can unfortunately be one of the hardest things you may have to do as an adult and can have serious consequences for your personal life, and your family's. Bankruptcy may strike unexpectedly, as debtors can approach a court and ask for it without your knowledge, or you may make the application yourself; however, bankruptcy meets you, you should not take it lightly and you should seek professional advice.

Whether you are deciding whether or not you should file for bankruptcy or advising a loved one, it must be undertaken with extreme caution, and be carefully thought through. Here is what you need to know about filing for bankruptcy.

Seek Legal Aid

When you or a loved one is considering making an application for bankruptcy, it is absolutely fundamental that you seek professional legal aid. Bankruptcy administrators are there to give you solid advice, and these experts can help you maneuver through the difficult and rocky landscape that is a bankruptcy declaration. In certain circumstances, bankruptcy can be avoided, and a professional legal aid should be able to decide whether or not your personal situation warrants this.

Deciding to file for bankruptcy should not be taken lightly, and even though after the first year your bankruptcy period will be over, and your debts wiped, you can still face adversity in the future, and your credit score will be marked for a period of six years. Before filling out your bankruptcy form, make sure you have done the proper research and consulted a legal aid; this is an area that should not be ventured into alone. Legal aid is crucial.

Decide When Bankruptcy is Appropriate

There are certain circumstances where bankruptcy is appropriate and absolutely necessary, and bankruptcy with its disadvantages put to one side, can help you through your debt and provide you with a long-overdue light at the end of the tunnel.

Bankruptcy may be the best decision for you if you are in a lot of unsecured debt and see no likely way of being able to pay it back; have very little belongings and your car is worth less than $2,000, and there is likely no way at all you would be able to pay back your debt in the next six months.

There is no debt that does not warrant bankruptcy, nor is there a limit, and if you simply cannot pay, then you can file for bankruptcy even if your debt is a few hundred. Although, if you do have the means to pay it back whether through assets or hidden finances, you should certainly do so.

When Should Bankruptcy Be Avoided

When you apply for bankruptcy, your financial record becomes open to the public, which some people may want to avoid, and if in the future you see a way out of debt, such as a big payoff or a pension fund, you may want to use that toward your debts and arrange a repayment schedule.

Certain professions will bar members from having filed, or filing of, bankruptcy. If you are an estate agent or an attorney, you may wish to think twice, as filing for bankruptcy may mean that you lose your job and are unable to work, which will surely only make your financial situation much worse than it already is.

The Declaration Process

If you have decided that there is absolutely no solution other than bankruptcy, then you must hasten to start the process. Your application will incur a cost that can be paid back monthly, but it is better to be paid back immediately after your application is filed, as you will be living on a reduced budget and monthly payments may not be manageable.

During your period of bankruptcy, you will likely be living very frugally, and for the period immediately after your bankruptcy declaration, your bank accounts and assets will be frozen and seized, respectively. You should make sure you withdraw a small amount of money, not too much, to ensure you and your family can survive during this period when you cannot access your money or assets.

Always take bankruptcy very seriously and never lightly. You should always give your situation serious consideration before applying, as it can impact the rest of your life negatively. Avoid bankruptcy where and when you can and honor your debts to ensure things never spiral out of control. Bankruptcy can change your life, and your family's lives, forever.

How to Learn Much More From the Books You Read

It is one thing to read and another thing to understand what you are reading. Not only do you want to understand, but also remember what you've read. Otherwise, we can safely say that if we're not gaining anything from what we read, then it's a big waste of time.

Whatever you read, there are ways to do so in a more effective manner to help you understand better. Whether you are reading by choice, for an upcoming test, or work-related material, here are a few ways to help you improve your reading skills and retain that information.

Read with a Purpose

Never has there been a shortage of great books. So, someone recommended a great cookbook for you. You start going through it, but your mind is wandering. This doesn't mean the cookbook was an awful recommendation, but it does mean it doesn't suit nor fulfill your current needs or curiosity.

Maybe your purpose is more about launching a business. Maybe you're a busy mom and can't keep office hours, but there's something you can do from home to help bring in more money, so you want information about that. At that point, you won't benefit from a cookbook, but you could gain a lot of insight and find details here on how-to books about working from home. During this unprecedented year, millions have had to make the transition to work from home, and millions more are deciding to do that. Either way, it's not a transition that comes automatically or easily, but reading about it will inform you about what working from home entails.


When you pre-read it primes your brain when it's time to go over the full text. We pre-read by going over the subheadings, for instance, the table of contents, and skimming through some pages. This is especially useful when you have formal types of academic books. Pre-reading is a sort of warm-up exercise for your brain. It prepares your brain for the rest of the information that will come about and allows your brain to be better able to pick the most essential pieces of information you need from your chosen text.


Highlighting essential sentences or paragraphs is extremely helpful for retaining information. The problem, however, with highlighting is that we wind up highlighting way too much. This happens because we tend to highlight before we begin to understand. Before your pages become a neon of colored highlights, make sure that you only highlight what is essential to improve your understanding and not highlight the whole page.

Speed Read

You might think there have been no new ways to read, but even the ancient skill of reading comes up with innovative ways; enter speed reading. The standard slow process shouldn't affect your understanding, but it does kill your enthusiasm. The average adult goes through around 200 to 250 words per minute. A college student can read around 450 words, while a professor averages about 650 words per minute, to mention a few examples. The average speed reader can manage 1,500 words; quite a difference! Of course, the argument arises between quality and quantity. For avid readers, they want both quantity and quality, which leads us to the next point.

Quality Reading

Life is too short to expect to gain knowledge from just one type of genre. Some basic outcomes of reading are to expand your mind, perceive situations and events differently, expose yourself to other viewpoints, and more. If you only stick to one author and one type of material, you are missing out on a great opportunity to learn new things.

Having said that, if there's a book you are simply not enjoying, remember that life is also too short to continue reading it. Simply, close it, put it away and maybe give it another go later on, or give it away. There is no shame or guilt in not liking a book; even if it's from a favorite author. It's pretty much clear that you won't gain anything from a book that you don't even enjoy, let alone expect to learn something from it.


If you're able to summarize what you have read, then you have understood. When you summarize, you are bringing up all the major points that enhance your understanding. You can easily do so chapter by chapter.

Take a good look at your life and what's going on in it. Accordingly, you'll choose the material that is much more suitable for your situation and circumstances. When you read a piece of information that you find beneficial, look for a way to apply it to your life. Knowledge for the sake of knowledge isn't all that beneficial. But the application of knowledge from a helpful book is what will help you and make your life more interesting and more meaningful.