|
|
|
2007-01-28 22:26:49
|
 |
Article by Craig Thornburrow |
 |
|
What makes a man fall into so much debt that he considers bankruptcy as his only option? A terrible handling of his finances is usually the case, though at times certain uncontrollable events like death in the family, medical bills, and other causes could be responsible for being in such a situation when personal bankruptcy is staring at you in the face. But it can be avoided if you can work extra hard to get things right.
Personal bankruptcy is a situation where you have to file for bankruptcy because for one reason or the other, you are unable to repay your creditors. It could be done in two ways. Either you file as bankrupt yourself or your creditors take you to court and in the course of proceedings you are seen as someone who can't pay back your debts.
There are two types of bankruptcy you can file for, Chapter 7 and Chapter 13 bankruptcy. Chapter 7 wipes out your unsecured loans but if you have property you may lose it as it would be offered up for sale and used to settle your creditors. Chapter 13 gives you the chance, if you a regular income earner, to pay back the debts over a period of time under court supervision.
No form of personal bankruptcy should be taken lightly. In fact, you should seek to avoid it at all costs as it puts a dent on your credit history. People may hesitate to deal with you in future because you will be seen as some who cannot take control of his or her finances.
To avoid bankruptcy, you will have to take charge of your financial life. There should be less unconscious spending and more conscious saving. You would need to watch how you use your credit cards. Don't spend what you don't have. In fact you may consider swapping your credit cards for debit cards or at least secured credit cards. Secured credit cards are cash- backed cards. You can only spend what you have in your account, no more.
You can also opt for debt consolidation loans. Debt consolidation gives you the opportunity to consolidate your debts and get rid of them easily. Just find the right one for you and you won't have to consider the worse alternative. There are so many debt consolidation companies online who are prepared to help you deal with your individual financial problems but be very careful in your search make sure you deal reputable companies. Also make sure you have a full understanding of what they require of you don't want to replace on financial problem with another.
Avoid personal bankruptcy at all cost. Make sure it's your last option to consider when faced with overwhelming debts. Seek counsel from experts and let them recommend the best option for you.
|
| Specialized in: |
Personal Bankruptcy
-
Bankruptcy Law
-
Chapter 7 Bankruptcy
-
Filing Bankruptcy
-
Bankruptcy Lawyers
-
Bankruptcy Attorney
-
Avoiding Bankruptcy
-
Chapter 11 Bankruptcy
-
Chapter 13 Bankruptcy
-
Chapter Bankruptcy
|
| URL: |
http://www.thebankruptcyguru.com
|
|
|
Related Articles |
|
Use Credit Card Debt to Prevent Bankruptcy, Not to Cause It (Popularity:  ): Why not use credit card debt to prevent bankruptcy instead of causing it? Beating collectors is so easy to do there's no need to file chapter 7 or 13 and greedy collectors can even make you rich if you will just give them a chance. You might call it backwards thinking to fit an economy that's running in reverse.It's much easier to face a debt collector who may end up ...
How to Find Good Liquidators (Popularity: ): Business have two directions—profit or bankruptcy. Once a corporate organization sustained its needs and produce profits despite of inconsistencies of market conditions, there is a no chance that they will declare insolvency, or the condition wherein their assets no longer exceeds their liability. However, if a corporate organization experienced difficulties in their business operation and it cannot adapt anymore to the drastic changes in market conditions, there is a higher ...
Debt Settlement - An Alternative To Bankruptcy? (Popularity: ): Debt Settlement can constitute an alternative to filing for bankruptcy and should be taken into account when considering your possibilities if you've run into financial troubles. However, debt settlement truly is an aggressive approach to a debt elimination process and thus, also has some negative short term consequences. Nevertheless, as compared to bankruptcy the negative inputs on your credit report are completely manageable and you'll be able to recover a ...
There is Bankruptcy Help in Milwaukee and Waukesha (Popularity: ): Milwaukee has a proud history of industriousness and self-sufficiency. This is due in part to the influx of many German settlers who came to the area after the Revolutions of 1848 that took place in many parts of Germany and Austria. Just about 1 million Germans settled in America in the following decade. Aside from Milwaukee, these German settlers formed large communities in Cincinnati and St. Louis as well.After the ...
Edmonton Bankruptcy Series - The Appointment of an Interim Receiver in Edmonton Alberta (Popularity: ): While the use of an Interim Receiver is not seen often when dealing with consumer bankruptcies and proposals, the Interim Receiver can play a very important role when dealing with commercial situations. There are four times that you can see this type of appointment:1. After the filing of a Notice of Intention to Enforce Security but before the mandatory 10 day waiting period has expired;2. After the filing of a ...
|
|
Related Business |
|
Bankruptcy Attorneys Miami (Popularity: ): Bankruptcy can help you obtain relief from crushing personal and business debts so you can move on with life and get a fresh start. At the Law Office of James Alan Poe, we specialize in helping individual, businesses, and corporations file for bankruptcy in Miami, Florida.
Bankruptcy and Personal Injury Legal Advice (Popularity: ): Mark McClure, an attorney who assists people who need to file bankruptcy in Kent Washington,
bankruptcy in Seattle Washington, bankruptcy help in Renton Washington, bankruptcy help in Covington
Washington, bankruptcy help in Seattle Washington, Bankruptcy help in Auburn Washington Bankruptcy
help in Maple Valley, Bankruptcy help in Tacoma Washington, Bankruptcy assistance in Pierce County
Washington, and bankruptcy protection in King County Washington.
Jeffrey J. Randa, Attorney and Counselor At Law (Popularity: ): Michigan bankruptcy attorney Jeffrey Randa has been helping Michigan residents to recapture their financial stability and reputation for 20 years. We have a 100% success rate in Bankruptcy by being hands-on. Personal and caring attention means Bankruptcy with dignity, and a fresh, clean start.
Bankruptcy Experts - Insolvancy Specialist (Popularity: ): "Bankruptcy Experts are highly experienced personal insolvency specialists. We assist people who are concerned about their personal or business debts and are considering filing for bankruptcy or liquidation. We provide professional and friendly advice.At Bankruptcy Experts we offer a FREE initial consultation without obligation. If you have bankruptcy concerns call us now on 1300 795 575.
Our team brings you the expertise, knowledge and experience to help you make the right ...
Consumer Credit Counseling of Greater Dallas, Inc. (Popularity: ): CCCS of Dallas is a non-profit community service helping consumers avoid bankruptcy through education and counseling.
Law Office of Brian R. Lewis (Popularity: ): Law Office of Brian R. Lewis - Bankruptcy Lawyers / Attorneys. Providing bankruptcy information including personal and business bankruptcy, bankruptcy filing, how to file bankruptcy, bankruptcy law, chapter 7 bankruptcy, bankruptcy 13, chapter 11 bankruptcy, foreclosure bankruptcy, questions and bankruptcy rules. We serving all of Eastern Massachusetts including South Shore, Boston, Lakeville, Middleboro, Bridgewater, Raynham, Taunton, Carver, Plympton, Halifax, Plymouth, Brockton, Easton, Kingston, Duxbury, Pembroke, Hanson.
Tampa Law Advocates, P.A. (Popularity: ): Tampa Law Advocates, P.A. represents Chapter 7, 11 & 13 Bankruptcy clients throughout the Tampa Bay area and Florida in bankruptcy and foreclosure defense, civil litigation, divorce and family law, real estate matters, business law, business and personal bankruptcy, debt settlement solutions, short sales, and helping start-up companies.
The Bankruptcy Website Of Sacramento Law Group (Popularity: ): My name is Adam Garcia and I am a Sacramento bankruptcy attorney. I own and operate Sacramento Law Group, a bankruptcy firm dedicated to helping residents of the greater Sacramento area achieve debt relief through bankruptcy.
Helping denver become debt free (Popularity: ): We are a Denver bankruptcy attorney firm with over 14 years experience in chapter 7 bankruptcy and chapter 13 bankruptcy. Call today for assistance. We are a bankruptcy law firm located in Denver, Colorado. For more than 14 years, we have been providing a broad range of high quality bankruptcy services to a wide range of clients, including businesses and individuals, throughout the greater Denver Metro area. We have experienced ...
The Kansas City Bankruptcy Attorney (Popularity: ): The Kansas City bankruptcy attorneys help clients with bankruptcy, business law, commercial real estate, contract, leases, litigation, collections, class actions, chapter 7 bankruptcy, chapter 11 bankruptcy & chapter 13 bankruptcy. At The Sader Law Firm we tell our clients “Bankruptcy is NOT for people with no money; it is for people with something to protect. We can help protect you from financial trouble so you do not lose income, savings, ...
|
|
|
|
Print article
Bookmark this page