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Personal Bankruptcy Archives

A bankruptcy takes some work on your part

Not being able to pay your bills is a tragic situation, but you do have options. When you have credit accounts that you can't make the minimum payments on, you might need to consider finding relief from the money troubles. One of the plausible options that you have is to file for bankruptcy. We can help you learn about the process so that you can embark on it with a good understanding.

Bankruptcy: Perhaps not what you think

If you may have to enter into bankruptcy, you'll want to know exactly what's going to happen. A personal bankruptcy may seem like it's going to ruin you, but the reality is that it could be beneficial. Personal bankruptcy helps you get out of debt without paying everything you owe, focusing on liquidating your assets while excluding assets that fall into special categories. The goal of the bankruptcy isn't to ruin your life; it's to help you get back on track.

Bankruptcy: Is it an option?

Debt, for some, is unavoidable. Sudden medical bills, the loss of a job or other life challenges may make it necessary to take on debts. Once they're back on their feet, many people pay off these debts and carry on with life. Some, though, struggle for too long and fall behind. They may feel they can never get out of debt, which becomes a stressful burden.

Carefully consider bankruptcy if you are drowning in debt

We've recently discussed how bankruptcy isn't an easy way out of debt. This fact is one that many people don't realize. They think that anyone can file for bankruptcy, have debts forgiven and move on with life without another thought. If you recall, we covered some of the education requirements that are necessary before and during your bankruptcy case. These are serious parts of the case and must be taken seriously.

Counseling is necessary for a bankruptcy filing

Some people think that filing bankruptcy is an easy way out of debt, but this isn't at all the case. Instead, it is often the avenue of last resort for people who have tried desperately to take control of their financial situation. One thing that you might not realize is that filing bankruptcy isn't a fast option either.

Bankruptcy is a serious decision that must be taken seriously

Contrary to popular belief, filing for bankruptcy isn't an easy way to get out of debt. Instead, it is often an agonizing decision that is made only after all of the other options have been exhausted. For people who are facing the possibility of needing to file for this financial protection, there is usually a back and forth about whether to actually file or not.

The history of credit cards: How credit snuck into American lives

As someone struggling with debt, you know that you need to find a way out. You've considered filing for bankruptcy, but you're not sure if it's the right option for you. Before you make a decision, take some time to learn more about credit cards.

Understand the scope and limitations of bankruptcy

Taking the step to file for bankruptcy is a big one for many people. Before you file the petition for bankruptcy protection, you need to understand a few of the limitations you will face, as well as the scope of protections. You might be surprised at some of these points.

What kinds of personal bankruptcy are there?

There are a couple kinds of personal bankruptcy you could choose to go through if you want to clear up your finances. Each has its own benefits and downsides. The main types of bankruptcy to choose from include Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Bankruptcy filing and discharge require specific courses

Many people still think of bankruptcy as an easy way out of debt. These individuals don't realize that there are specific educational requirements that must be met throughout the bankruptcy case. People who don't go through the appropriate sessions won't be able to have their bankruptcy discharged by the court.