Personal Bankruptcy
When you realize that your debts are becoming too difficult to handle, you as an individual can choose to file for personal bankruptcy. This situation can weigh you down, but it is a good way to get a fresh start. This is an option that is looked into especially when an individual?s debt is accumulating faster than they can pay it off. When you decide to file for bankruptcy it is always safer to choose a qualified professional who will look into all the other alternatives. If they assess the situation and advice that bankruptcy is the only choice then, you can file your petition which should have a list of your creditors, as well as a list of your assets and liabilities.
Personal bankruptcy filings are normally supposed to eliminate debts that are unplanned. This means that creditors like friends, credit card companies will have to wait patiently to get any repayment from the debtor. Privileged creditors get first priority, while the general ones have to wait to get repayments from the personal bankruptcy sell offs.
There have been new changes to the personal bankruptcy laws. It has become more difficult to declare Chapter 7 bankruptcy which is more popular than the Chapter 13 alternative. Under Chapter 7, most of the unsecured debts are written off, in comparison to Chapter 13 which requires the debtor to reimburse part or all their debt within a span of three to five years.
Personal bankruptcy can be a major block for a debtor?s financial status for a long time to come and can make it difficult for them to go back to their way of life. This option is designed to give debtors a clean start and who knows, you can rebound to an even bigger and better financial position.
Mercy Maranga writes content on Finance and Debt Management. Visit her site here for more information on Finance and how to effectively Manage your debts. Bankruptcy
Article from articlesbase.com
From TheHardestYear.com A cross-country road trip telling the stories of ordinary Americans? experiences in the economic downturn. Bob and Callae didnt know it, but in 2007 their family was on the precipice of a devastating slide from affluence to bankruptcy. They lived in an upscale Denver neighborhood, were members of a country club and employed a nanny for their two young boys. The couples small business made their comfortable lifestyle possible. Builders of home developments hired Bob and Callaes company to install the underground telecommunications infrastructure to carry telephone and internet signals through the new neighborhood. Business was booming. New homes were springing up a development spread all around Denver. They never imagined that, in a matter of months, the companys income would evaporate completely. As Denvers housing market imploded, real estate developers canceled or even abandoned their projects. With no new homes being built, there was no need for phone and internet connections. Business for Bob and Callae declined to nearly zero. The couples company, their primary source of income, went under and took their comfortable lifestyle down with it. They declared personal bankruptcy, lost their home of eleven years, and moved with their two young sons into a rented house to try to get back on their feet. In this video story the couple describes the wrenching process of losing everything, finding the strength to start over and hoping they and their boys ? Video Rating: 4 / 5
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Source: http://www.bankruptcy-attorney-news.com/alaska/medical-bankruptcy/personal-bankruptcy-6/
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