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Personal Bankruptcy Archives

Is bankruptcy an alternative to foreclosure?

Although bankruptcy is sometimes seen negatively, if you're facing foreclosure, it could be one way to stop that process and to save your home. It's a fact that many people in America fall behind on their mortgage payments. There was the recession, and now people are finally trying to get caught up.

Bankruptcy isn't the easy way out of debt, so don't feel bad

The reasons why someone might consider bankruptcy can vary greatly. The point that matters in all of these cases is that they realized that they were in debt way over what they could reasonably handle. In this case, using bankruptcy is a responsible thing to do.

Bankruptcy won't necessarily lead to a tax audit

Some people who are considering filing for bankruptcy are concerned that they will have to deal with an audit from the Internal Revenue Service. While this is certainly something to worry about if it occurs, it isn't something that is a sure thing.

Don't fall for the stigmas attached to bankruptcy

When debts become overwhelming, you have a few options for how you can handle the situation. The first is that you can sit back and try to ignore the collection attempts that are coming. This might not be very productive since you can't answer your phone or check your mail. You might not even be able to answer your door.

Don't get sidetracked by the automatic stay

Filing for personal bankruptcy is something that you might have tried to avoid, but there comes a time when you might realize that you can't keep on going the way you have. When this occurs, you should find out about the options that you have for taking charge of your debts. This isn't something that is always easy, but it might be the step that helps to give you peace.

These are things you can do to get out of debt faster

It's difficult to know that you have bills you can't afford to pay or bills that you pay that never seem to help you pay down your debts. You work hard, but you're struggling financially. Should you have to struggle, or is there a way to help reduce your burden?

Bankruptcy often comes after a health issue

Many people think of bankruptcy as an easy way out of debt. This isn't at all the case. Bankruptcy is a method of last resort that people often feel bad about utilizing. Most people who file for bankruptcy aren't trying to game the system. They didn't purposely get into more debt than they could handle. They didn't go out and buy things on credit in an effort to try to get free items.

Dealing with the meeting of creditors

Whether you file for Chapter 7 or Chapter 13 bankruptcy, you'll likely face the meeting of creditors, which is also called the 341 meeting. For many people, this sounds like a frightening meeting where creditors will be there to bully you; it sounds especially disheartening if you've turned to bankruptcy in part to stop creditor aggression and harassment. The truth is, the 341 meeting is usually short and to the point with little to be anxious about.