Are you considering filing Personal Bankruptcy? More than a million people each year file for bankruptcy and many more are in a position where they should consider it. While nobody wants to file bankruptcy, circumstances beyond your control often contribute to financial difficulty that ultimately leads to personal bankruptcy.
- Unforeseen Medical Problems - the high cost of medical care for an unexpected health crisis, even for those people that have insurance, will often put people who are managing just fine into bankruptcy
- Job changes or loss - in today's economy layoffs, downsizing and outsourcing will often place an unexpected financial hardship on families resulting in bankruptcy
- Divorce - one of the unfortunate byproducts of divorce can be financial difficulty of one or both of the subsequent separate households
- Death or Disability - death or disability of a breadwinner in a family can have a devastating impact on the family finances and in many cases foreclosure, repossession, or bankruptcy
- Other legal or personal problems - additions, drug or alcohol abuse, or family members affected by legal or other problems and the desire to help often leads to bankruptcy
Bankruptcy is not something to be feared or ashamed of. It is a part of the American legal system to help good people deal with the circumstances mentioned above, along with many others that adversely affect people's finances.
What is Bankruptcy?
The two most common types of bankruptcy filing are under Chapter 7 which is a liquidation or straight bankruptcy and Chapter 13 which gives debtors the opportunity to repay some or all of their debts. Both types can be options for people in financial distress.
There is a bankruptcy attorney near you who can help.
Bankruptcy Term of the Day
Latest Bankruptcy Question
Bankruptcy will remain on your credit report for ten years for Chapter 7 and seven years for Chapter 13.
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