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Filing Bankruptcy Is For Individuals Deeply In Debt

March 24, 2012 | Comments: 0 | Views: 125

In the past when people used to think of someone being bankrupt they used to think of phrases like debtor's prison, failure, careless, or homelessness. However, with the economy continuing to slow down and unemployment at all time highs, filing bankruptcy is not only a common occurrence, but it also no longer carries the same mark of shame that it once did. The thing to keep in mind is that bankruptcy is not just the end result of a person not taking care of their credit responsibilities. Filing personal bankruptcy usually results from one or more circumstances that happen that many times are out of the individual's control. Job loss, underemployment, serious medical illness, and divorce are a few of the big reasons that can lead to a person needing to file personal bankruptcy.

Filing bankruptcy was created for individuals just like this that find themselves so deep in debt that they will never see financial daylight. There are many things to consider when thinking about filing personal bankruptcy. First of all, should the debtor hire a bankruptcy lawyer or should they do it themselves? What chapter of bankruptcy should they file, a Chapter 7 liquidation or a Chapter 13 reorganization of debt? What are the advantages and disadvantages of both chapters of bankruptcy? Do they even qualify to file personal bankruptcy? What will happen to their credit/will they ever receive credit after filing bankruptcy? Will they lose all of their belongings in the bankruptcy?

Not knowing the answers to these questions can cause a lot of undue stress to an already exasperated debtor. Prior to 2005, filing bankruptcy was not a big deal or complicated. Since then there have been many changes to the bankruptcy code that makes it not only stricter, but more complicated for the average filer. There is a wealth of information on the Internet and an individual can still file a do-it -yourself bankruptcy with the help of a reputable online service. However, online services cannot give legal advice or select exemptions for protection of property or assets. The best solution for anyone that has bankruptcy questions that they are unable to answer is to seek a consultation with an experienced bankruptcy attorney. The initial consultation is usually free and the debtor can gain valuable knowledge so that they can decide how to proceed and if they are able to file on their own. Bankruptcy can be a positive experience giving the debtor a fresh financial start.

The author is a professional that formed FilingBankruptcyPros.Com which provides information for debtors considering filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy and helps individuals stop foreclosure and eliminate their debt by putting them in touch with a local bankruptcy lawyer.

Source: EzineArticles
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