Bankruptcy Category

When Should You Consider Bankruptcy?


The decision to file bankruptcy is a difficult one because it means admitting a loss of control in the area of personal finances. Often it takes a catastrophic event like a tax lien or a lawsuit for money owed before one proceeds with a very reluctant bankruptcy filing.

However, sometimes bankruptcy is unavoidable and the peace of mind of having debt discharged is worth the impacts to credit and pride. If you find debt, stress, and collection calls basically rule your life with impacts to health and work quality (if you are employed), bankruptcy may be the best option to eliminate stress and get your life back.

Struggling to Finance Necessities

If you are using credit cards to cover food, heat, and other utilities, that is the first sign of financial struggle. It also further increases your debt burden which raises minimum payments and interest charges, only digging your hole deeper.

This situation may not be horrible if you only have to do this for one or two months. However, if t...

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The Importance of a Bankruptcy Lawyer

Bankruptcy has increased in frequency over the years. Most consumers who choose bankruptcy do so when they feel that they have no other option but without considering alternatives or the implications of bankruptcy. In many cases, they make certain assumptions about what bankruptcy can do for them without consulting an attorney. This can lead to no end of troubles as bankruptcy law among the most complicated laws consumers run into, second only, perhaps to tax law.

Why You Should Get a Lawyer

Bankruptcy law is not as simple as traffic court. The laws are complex, and they change regularly as the requirements are updated and new forms are released. Often times, these laws can seem contradictory, and yet they are all valid. Bankruptcy lawyers specialize in this form of law. They understand the complexities as well as the necessary requirements when filing bankruptcy to ensure that as many of your rights and possessions are protected as possible. In most cases, these attorneys have recei...

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How Bankruptcy Can Affect Your Life


Although bankruptcy can be forced upon you, many people take it by choice as a way out of crippling debt. While it can seem like an easy way out of financial difficulties, becoming bankrupt has long-term consequences on your finances and you must educate yourself about all the effects it'll have before taking such an important decision. While the following information is accurate for many bankruptcy laws you should always seek appropriate advice from an expert in your state and country before starting the bankruptcy process.

Bankruptcy is when someone is unable to pay off their debt and is a status given to an individual by a court. The process to apply for bankruptcy is a long one and can be expensive itself; other alternatives are often recommended by experts first before bankruptcy. A successful application for bankruptcy will remove your obligation to pay some or even all of your debts and may prevent repossession of your car or other property as well as preventing debt collectors...

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