Sometimes pride can be a great detriment to one's right to financial peace of mind. Pride can prevent a retired person from filing bankruptcy when the need arises. There are many reasons why a retired person residing in Arkansas or another state will have a legitimate need to file for federal debt relief. When that need occurs, the failure to file bankruptcy can sometimes mean the failure to protect one's retirement assets from creditors.
Most Americans, including Arkansas residents, strive to obtain a good credit record and score. It can be particularly important in buying a house or even a car, and for obtaining other kinds of personal credit. However, sometimes financial crises unavoidably occur, and options such as bankruptcy must be chosen to support the family's survival.
The subject of bankruptcy conjures up several myths that are unsupported by fact but which persist both nationally and in Arkansas. These myths about bankruptcy are often created by groups that have vested interests in preventing bankruptcy debt relief. A federal reserve bank in another state has published a report that may finally stifle the false perceptions about bankruptcy relief created by some banks, creditors, credit counseling agencies and debt relief companies.
There are several reasons why consumers in Arkansas may find it necessary to choose bankruptcy to get out from under a crippling debt load. Reasons commonly cited for bankruptcy filings include credit card spending, unexpected medical expenses, losing a job and disability. Consumers who choose to get major debt relief by filing for bankruptcy are often industrious, hard-working individuals and married couples.
Arkansas and other states are seeing that some persons who lost their homes and filed bankruptcies for debt relief during the recession are now back and applying for new mortgages. In fact, although a Chapter 7 bankruptcy can be reported for up to 10 years, a mortgage for a home purchase can be obtained sooner than that. It depends largely on how well the consumer has done in repairing his credit score.
In Arkansas and in all other jurisdictions, the federal bankruptcy remedy is a proven way to wipe out large accumulations of consumer debt. However, an individual or married couple who are thinking about filing a bankruptcy should always first obtain a consultation with a seasoned bankruptcy attorney. Professionals who practice in this area are well-equipped to tell you whether you qualify for debt relief, and then whether such a move is advisable under your particular circumstances.
For those in Arkansas who may be contemplating the possibility of bankruptcy as a way to quickly eliminate large amounts of unsecured debt, it’s wise to get an understanding of how the procedure works. Those who go forward well-informed will be more relaxed and positive by knowing the meaning and impact of the various steps. Generally speaking, a personal bankruptcy for those with large amounts of unsecured consumer debt, such as credit cards, unsecured personal loans, and medical bills, is the strongest, quickest and most effective debt relief remedy available.