10 years ago, the topic of filing bankruptcy was not something for lunch conversation. In fact, it was rarely even talked about. The economy was booming and there was an unlimited flow of credit so people can continue on in their lifestyle. Fast forward to 2008, the US had a financial crisis that was unsurpassed and touched every life in America. No one was immune from the damage that was caused by the mortgage meltdown. It affected rich and poor alike. Because of this crisis, the topic of filing bankruptcy has moved to front and center. Now, with unemployment at record numbers and debt at all time highs, many people are wondering, when is filing bankruptcy the right choice? Most Americans wait too long to consult with a bankruptcy attorney before making the decision to file for bankruptcy. Many people buried in debt don't realize that a bankruptcy filing might be their only way out.
Bankruptcy lawyers have phone calls every day from people that ask, "Can I file bankruptcy?"And then go on to explain of how there is a foreclosure sale on their house that day. In many of these cases, it's just too late. The credit industry has spent a lot of time making Americans feel bad about themselves if they file for bankruptcy. Because of this taboo that has been created, most folks do everything they can to avoid the process.
So for those who don't understand how can filing bankruptcy relieve a person from debt, it's probably the quickest and most straightforward way of eliminating debt. In fact, because of the Internet age, most bankruptcy attorneys use the web to file for bankruptcy online. For people with large amounts of unsecured debts, filing Chapter 7 bankruptcy is stellar. Due to changes in the bankruptcy code back in 2005, people filing Chapter 7 now need to qualify passing a means test. Those who do not qualify to file Chapter 7 will be pushed into a Chapter 13 bankruptcy. Many people shy away from filing Chapter 13 because it has a court ordered repayment plan that lasts 3 to 5 years. A Chapter 13 bankruptcy is best used for individuals that have solid employment and want to protect their property.
Every year, the average credit card debt of Americans continues to rise. Because of this, many experts fear that bankruptcy filing rates will continue to rise. To figure out if filing bankruptcy is the right choice for an individual, they should add up all their credit card debt and figure out a monthly budget of what they could afford to pay on those credit cards. If the credit cards can be paid off in five years without charging more on them, they should consider a little financial management. If there is no way they can pay this debt off, filing for bankruptcy should be at the top of their list. The Bankruptcy laws are continuing to become more complex, so it's best to consult a bankruptcy attorney to figure out the details.
Read More: http://www.articlesbase.com/bankruptcy-articles/when-is-filing-bankruptcy-the-right-choice-5708949.html
Bankruptcy lawyers have phone calls every day from people that ask, "Can I file bankruptcy?"And then go on to explain of how there is a foreclosure sale on their house that day. In many of these cases, it's just too late. The credit industry has spent a lot of time making Americans feel bad about themselves if they file for bankruptcy. Because of this taboo that has been created, most folks do everything they can to avoid the process.
So for those who don't understand how can filing bankruptcy relieve a person from debt, it's probably the quickest and most straightforward way of eliminating debt. In fact, because of the Internet age, most bankruptcy attorneys use the web to file for bankruptcy online. For people with large amounts of unsecured debts, filing Chapter 7 bankruptcy is stellar. Due to changes in the bankruptcy code back in 2005, people filing Chapter 7 now need to qualify passing a means test. Those who do not qualify to file Chapter 7 will be pushed into a Chapter 13 bankruptcy. Many people shy away from filing Chapter 13 because it has a court ordered repayment plan that lasts 3 to 5 years. A Chapter 13 bankruptcy is best used for individuals that have solid employment and want to protect their property.
Every year, the average credit card debt of Americans continues to rise. Because of this, many experts fear that bankruptcy filing rates will continue to rise. To figure out if filing bankruptcy is the right choice for an individual, they should add up all their credit card debt and figure out a monthly budget of what they could afford to pay on those credit cards. If the credit cards can be paid off in five years without charging more on them, they should consider a little financial management. If there is no way they can pay this debt off, filing for bankruptcy should be at the top of their list. The Bankruptcy laws are continuing to become more complex, so it's best to consult a bankruptcy attorney to figure out the details.
Read More: http://www.articlesbase.com/bankruptcy-articles/when-is-filing-bankruptcy-the-right-choice-5708949.html
2 comments:
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