Bankruptcy is a means by which overwhelmed individuals and businesses can seek financial forgiveness. In order to protect the interests of companies that extend credit, the federal government has certain rules and restrictions in place regarding bankruptcy.
Declaring bankruptcy is a big decision, and it is important to carefully consider all the potential benefits, weighing them against the specifics of your situation. Only then can you determine exactly what type of bankruptcy is the right fit for you and how to proceed.
A bankruptcy filing is something often viewed as a negative event in a person's life. This doesn't have to be the case. If you are considering filing for Chapter 13 to reclaim your financial future, you should look at this as a good opportunity to start fresh. We understand that you might have questions that you need answered. We are here to help ensure you understand the process so that you can get things going quickly.
Bankruptcy often has the reputation of destroying financial health, but it can be the first step to freedom from creditors if it is used in the right way and at the right time. The decision can seem daunting and is always worth a lot of thought.
Bankruptcy can be an ugly term; even the direct meaning is an unpleasant allusion to "breaking the bank." But eligibility for different types of bankruptcy and successfully declaring it should not be a defeat. In a way, it is a chance to start over.
Bankruptcy may seem like a bad word, but it exists to help us resolve financial difficulty. When debts are extreme and it seems there is no way out, a successful bankruptcy filing is often the first step on the road to recovery.
Bankruptcy is sometimes a hard word to hear, but it can be a new beginning after difficulty with debt. Despite the importance of understanding bankruptcy, many myths persist about it that can damage someone's chances of learning how to manage extreme debt.
Debt is never easy to deal with, and bankruptcy is designed to make excessive debt possible to recover from. The two main types of personal bankruptcy, Chapter 7 and Chapter 13, allow for people to maintain some assets during the recovery process or allow a trustee to sell assets off and settle debts.
There are many financial challenges in life, and it is often difficult to keep up with the requirements of modern life. Sometimes homes are too expensive, jobs do not supply enough success and people need to readjust their expectations.
No one wants to have to think about bankruptcy, and fortunately, it is rare. However, the practice is becoming more common as medical debt, student debt and other types of credit make it harder to avoid or recover from being in the red.