Important Considerations in Personal Bankruptcy Decisions
As the personal financial situations of individuals all across America decline with the economic conditions, many people are considering bankruptcy as a legitimate option to ending a financial nightmare. Filing for personal bankruptcy is a huge decision. A very complex process, it has long-term effects that some people don’t fully understand. Unfortunately, most people who file for bankruptcy aren’t aware of the other available options.
The most well-known long-term effect of personal bankruptcy is the damage to your credit report. Bankruptcies will show on credit reports for a minimum of seven, and sometimes up to ten years. During this time, …
Some people find the idea of “being their own boss” to be more attractive than working for an established company. Small business owners do this by opening a restaurant or boutique, but some choose to pursue real estate as a way of building wealth. But with the recent economic downturn, what happens to investment property if the owner has to file for bankruptcy? Can a debtor keep rental property if they are going through bankruptcy?
Before you consider filing for personal bankruptcy, there are alternatives that you could evaluate for yourself. The first would be a debt settlement. In this option you hire negotiators from a company to deal with your creditors and reach an amicable decision on lowering the debt owed. This is a good option for those who are unable to manage even their minimum amounts due each month. It is also an ideal option for those who don’t have equity in the form of a home, land or other assets. It is considered the fastest and cheapest way to becoming debt free …
Historically in the United States, bankruptcy is a term that has carried an extremely negative connotation. Those who file for bankruptcy protection are seen, mostly by themselves, as failures who could not meet their monthly obligations. Unfortunately, this is almost always an inaccurate way to think about and approach bankruptcy, as you’ll see below.
You might read the title of this article and shudder. After all, bankruptcy can’t be a good thing for a marriage, can it? If you’re like many people, you may be under the impression that bankruptcy always means bad news. However, we’d have to tell you that you’re wrong. In fact, bankruptcy might be the best thing that ever happened to your marriage!
Bankruptcy is an extreme financial situation and many people across the world have faced this situation at some point in their lives. Individuals who are overburdened with debt can be under tremendous stress and this can also impact their overall health. Creditors will try hard to recover the maximum amount of money owed to them and the debtor will be in a difficult situation. Under these circumstances, hiring the services of a bankruptcy lawyer can be the best way out of the troubled times. The lawyer provides all the help and support required to guide their clients through the entire …