Author Box
Articles Categories
All Categories
Articles Resources

Filing Bankruptcy Is the First Step to a Fresh Start

April 04, 2012 | Comments: 0 | Views: 152

These days there are many reasons why people need to file bankruptcy. A job loss, unexpected illness, large medical bills, and divorce, just to name a few, can quickly put a serious strain on an individual's budget. It seems that money goes out faster than it comes in.

Next, checks start to bounce, which in turn creates even more fees and debt added to the already heavy load. The downward spiral quickly becomes overwhelming. Then there are the college graduates that are exiting school with large amounts of debt in the form of credit cards and student loans. They have high hopes of getting a job but soon find out that the jobs are not available in this tough economy with record numbers of Americans unemployed. Many people will be forced to take a job at a lower salary just to survive if that is all that is available.

However, the individual must really budget and change their spending habits or they will soon end up in financial trouble when they are supposed to be starting their financial future. There are also those individuals who reach adulthood never really having learned to manage the balance between incoming and outgoing funds. Easy credit has become readily available to almost everyone, so for many why budget when you can just charge it and have it right now.

Regardless of the reasons that put an individual in financial trouble, the bottom line is, people that find themselves in this situation tend to feel hopeless and extremely stressed out. Families and individuals nationwide are facing this crisis. The good news is that filing bankruptcy can offer a real solution putting people back on the road to financial recovery.

Filing bankruptcy has many advantages including, eliminating most if not all of your debt, it can stop foreclosure on your home, stop your utilities from being shut off, and prevent repossession of your car or other property. Filing bankruptcy can also stop lawsuits, judgments, wage garnishments, and best of all it stops ALL collection attempts and all contact from the creditors.

There are disadvantages to filing bankruptcy as well. Bankruptcy cannot cure every financial problem so it is imperative that anyone considering filing bankruptcy weighs out the pros and cons to determine if bankruptcy will be right for their situation and give them the results that they are searching for. The best place to begin is to seek the advice of an experienced bankruptcy attorney to discuss the individual's personal financial situation and all of the options available. Many attorneys offer a free initial consultation so people can determine if bankruptcy is right for them. Filing bankruptcy is the first step on the road to financial recovery for many individuals struggling with serious debt.

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 attorney.

Source: EzineArticles
Was this Helpful ?

 
0
 
0
 
Rate this Article
 vote(s)
Feedback
Print
Re-Publish

Article Tags:

Filing Bankruptcy

,

Financial Trouble

,

File Bankruptcy

,

Fresh Start

,

Bankruptcy Attorney

,

Bankruptcy

The 3 Month Payday Loans is most suitable options for the people who do not possess assets. There are a variety of loan options for the people who are willing to pledge assets against the cash

By: Cameron white l Finance > Personal Finance l July 09, 2013 lViews: 560

For many people, bankruptcy can make their world fall apart. The apparent loss of reputation coupled with the inability to take financial decisions can deter anyone from thinking clearly. But all is

By: noragwilt l Finance > Bankruptcy Lawyers l November 18, 2012 lViews: 303

If you are availing payday loans with monthly payments, it is easy for you to obtain quick money from online lending companies.By getting the best deals of loan, you can save money in terms of

By: Malen Cheks l Finance > Loans l November 16, 2012 lViews: 288

Loans online have become the popular source of income and people can make smart decision of taking it.Now, don’t go anywhere and sit in your home silently. Such deals would bring you money without

By: Marsh Jone l Finance > Loans l November 13, 2012 lViews: 288

Loans for the unemployed would let you feel comfortable with your unstable conditions due to jobless period.If you compare the rates of a few lenders, you would definitely get the suitable lender to

By: kelse roy l Finance > Loans l November 13, 2012 lViews: 467

By taking cash advance for bad credit, it is easy for you to improve your credit status. This loan is useful to relieve financial stress. This loan is totally free from credit verification and

By: Honard Nork l Finance > Loans l November 09, 2012 lViews: 300

Many people that are considering filing bankruptcy typically look at every alternative in an effort to avoid the process. There is so much bad press out there on the damage it does to one's credit

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall June 11, 2012 lViews: 176

Lately, the topic of filing bankruptcy has become commonplace in social circles. Everyone, rich or poor, probably has someone in their neighborhood that is filing bankruptcy and facing foreclosure.

By: Bob P Jonesl Finance > Bankruptcy Personall May 29, 2012 lViews: 172

Recently, the student loan crisis has made its way to the front and center of the media. Currently, the student loan debt in the United States has surpassed an incredible $1 trillion and with no end

By: Bob P Jonesl Finance > Bankruptcy Personall May 24, 2012 lViews: 162

If you are currently bankrupt we explain what happens if you receive an inheritance payment from a will or trust. As a bankrupt person, if you receive any kind of windfall, this money must be paid to

By: James Fallal Finance > Bankruptcy Personall May 24, 2012 lViews: 242

Ever since the economy turned south back in 2008, many Americans are facing severe financial woes. Many of these usually hard-working folks are now unemployed or have had to settle for a lower form

By: Bob P Jonesl Finance > Bankruptcy Personall May 24, 2012 lViews: 173

Bankruptcy isn't just caused by excessive shopping. Three of the biggest reasons Americans are filing bankruptcy are medical debt, job loss and unexpected expenses due to an act of nature.

By: Chris A. Harmenl Finance > Bankruptcy Personall May 21, 2012 lViews: 183

Many people that are considering filing bankruptcy typically look at every alternative in an effort to avoid the process. There is so much bad press out there on the damage it does to one's credit

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall June 11, 2012 lViews: 176

In today's tough economic climate many people are being forced to have an education about filing bankruptcy. For some, it's because they need to file for bankruptcy to eliminate debt and for others

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall May 18, 2012 lViews: 168

Over the last 10 years, there has been a new bubble being created right under our noses. As Americans, we put a higher priority on getting an education and along with that come student loan debt.

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall May 09, 2012 lViews: 164

As Americans continue to struggle with a difficult economy, many people are turning to filing bankruptcy as a way out of overwhelming debt. Prior to 2005 and the bankruptcy code changes most people

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall May 09, 2012 lViews: 146

It was recently reported that the student loan debt bubble was close to surpassing the $1 trillion mark. For people that don't know how much money 1 trillion dollars is, it's about $3000 of debt for

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall April 18, 2012 lViews: 142

People that are overwhelmed with massive debt are usually under tremendous stress. So why is it that people tend to struggle with the decision to file bankruptcy often for many months or even years

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall April 16, 2012 lViews: 139

Discuss this Article

comments powered by Disqus