Google

Taking The Plunge Into Bankruptcy


Bankruptcy is one of the most difficult things a person has to do. The decision to file bankruptcy is a hard one. Is it moral to wipe your slate clean through bankruptcy? Is there any way for you to avoid bankruptcy? While everyone has their own opinion on bankruptcy, bankruptcy is often the only option some people and families have. So, what do you do when you are in the midst of being bankrupt? What are your options at this bankruptcy point?

Many people who are considering bankruptcy have already tried and failed at consolidations, loans, and other methods of paying off their debt. Bankruptcy seems like the only option. Most of those who need to file bankruptcy can't even afford to pay off the minimum balances on their credit cards, home payments and even car payments. Whatever has gotten them to this place of being bankrupt doesn't even matter. The fight to get out of debt is what leads them to bankruptcy court.

For those who know that bankruptcy is their only answer, they should seek out a bankruptcy attorney to help them with their bankruptcy case. Laws in each state governing bankruptcy are different. Each state has its own bankruptcy requirements. And, bankruptcy laws are often changing. It is important to find a bankruptcy attorney to help you find the way out of your bankrupt situation. While in most cases it is a simple matter of showing proof of income and debt, others bankruptcy cases involve the loss of possessions and goods as well. There is no easy way to clear bankruptcy from your life either. On your credit report, bankruptcy can stay there for up to ten years. You can not outlive your bankruptcy claims quickly. Being bankrupt and filing bankruptcy are decisions that will affect your entire life. Make decisions about bankruptcy with a bankruptcy lawyer. A good informational resource on bankruptcy is www.thesmartattorneys.com.

S A Baker is staff attorney at http://www.thesmartattorneys.com

MORE RESOURCES:

RELATED ARTICLES

Debt and Your Dreams
You may not realize what that credit card bill is doing to you?Bob is a 27 year old truck driver. He dropped out of college after one year and got a job.
Bankruptcy: Which Chapter Do I File?
There is more than one kind of bankruptcy. You should understand your options before deciding which chapter of bankruptcy you are going to file for, or if you are going to file for bankruptcy at all.
New Bankruptcy Law - Targeting the Wrong People?
Last April, President Bush enthusiastically signed into law the oddly-named Bankruptcy Abuse and Consumer Protection Act. This bill, representing the biggest overhaul of bankruptcy law in twenty-five years, was written in order to discourage "bankruptcy of convenience.
Out of Credit Card Debt - Without Filing Bankruptcy
To be out of credit card debt is your dream and you're tired of the redundant advice to live within your means. Look no further.
Credit Repair - Understanding The Basics
What is Credit?Credit means that you are using someone else's money to pay for things. It also means that you are making a promise to repay the money to the person or company that loaned you the money.
Learn The Five Key Debt Reduction Steps You Must Take Immediately!
Step 1. The purpose of this first step is to bring you back to reality.
Bank Like a Banker
The business of banking has changed dramatically over the last decade. Because the cost of doing business the old-fashioned way is no longer effective, banks are interested in changing their customers' behavior by encouraging electronic banking alternatives whenever possible.
What the Mail on Sunday Said
Anyone considering Bankruptcy may have experienced fear after reading an article written in The Mail on Sunday with the headline "Bankruptcy cheats face crackdown". But, how much of what was written was in context of the reality of Bankruptcy as it is today?The article implied that since The Enterprise Act 2002 the rise in the number of people going bankrupt was due to them using the Bankruptcy route as a "Get out of jail free card".
Credit Card Debt Elimination
Credit card debt elimination can be done with a good plan and a little patience. The important thing is to find what works best for you and stick to your plan.
Taking The Plunge Into Bankruptcy
Bankruptcy is one of the most difficult things a person has to do. The decision to file bankruptcy is a hard one.
Are You SURE Your A Bad Debt?
Many people who seek the advice and guidance of debt counsellors are driven to them in the first place by fear and ignorance - two powerful emotions which often mask the real scale of the problems.In many cases, what you made have been led to believe is a 'bad' level of debt, may instead need only some careful reorganisation and a new set of mortgage priorities.
Debt Validation: Do you have to pay ?
It happens all the time. Debt collectors try to collect on debts that consumers have no knowledge of or never owed in the first place.
Debt Elimination 2
The First Step To Debt EliminationRegardless of your personal and financial circumstances, your education and your background, the chances are the first step you need to take in debt elimination has to take place in your mind. The Western mindset, especially in the US and UK, is firmly fixed on consumer debt.
Debt Elimination Is The Key to Financial Freedom
If you want financial freedom, the first thing that you will need to do is to get rid of your debts. After all, as long as you owe money, you can't consider yourself to be financially free.
What is Bankruptcy?
Here is a useful guide to bankruptcy. It should be noted that bankruptcy is not to be entered into without first having sought professional advice.
Questions to Ask a Credit Counseling Service about Debt Relief
Debt relief is a topic on a lot of consumers' minds these days, and with good reason. American credit card debt in 2001 was $692 billion, triple the amount from 1989.
Should You Join a CCCS - Consumer Credit Counseling Service for Debt Relief and Financial Freedom?
Do You Need to Join a CCCS - Consumer Credit Counseling Service?Are you in a "debt hell"? If you are unsure, ask yourself these questions:Do you have bill collectors calling you and home and at work, leaving annoying messages?Are you afraid to open the door in the morning because you are afraid that the Sheriff's office has left a court goody for you?When the phone rings, do you get butterflies in your stomach?If you answer the phone and it's a bill collector, when they ask for you, do you reply "He/She's not in right now", or even just pick up the phone and then hang it up without saying who is on the other end?Do you go for days on end without checking the mail because there are only bills there?When you finally do get the mail, do you just throw it in some random location for weeks or even months without ever opening it?Are you paying one credit card company's bill with another credit card?Are your credit cards riddled with over the credit limit and late fees?Do you only receive high interest credit card offers?Have you applied for credit cards or car loans and been told that you had been denied because of bad credit?Does your credit report show a lot of late payments, charge-offs, bad debt, 30 60 90 or 120 days late entries listed?Does filing bankruptcy seem like your only way out? If you related to at least two of those items, chances are you would benefit from a consumer credit counseling service.Believe me, I know what you are going through.
Is There A Way Out Of Your Debt Problems?
Do you have multiple debts? Do you have just one large debt which you could afford, but your circumstances have since changed? Are you finding it harder each month to meet the payments on your debts?You know debt is a problem, but maybe do not have any idea what the best way out is. Financial problems rarely just go away, so a solution of some beneficial sort is needed.
Debt Relief -- Why Most Programs Have A 75% Failure Rate
Debt consolidation, equity loans, credit counseling, debt management plans, even Chapter 13 bankruptcy - it doesn't matter which of these debt programs you're talking about. They all suffer from one fatal flaw, the number one problem that causes most people to fail at eliminating their debts through these techniques.
Bankruptcy As An Option
If your financial worries are preventing you from sleeping at night, then you may have considered bankruptcy in hope of a little relief. Usually, consumers only turn to bankruptcy if there is no other hope for them to get out of debt.