Many people in today's economy are deciding to file for bankruptcy or with their bills mounting every day, may be thinking about it. The reasons that people are thinking along these lines are almost the same for all of them - they have gotten laid off from their job and the prospects of a new job are not looking good, they have high medical bills that were unexpected and maybe largely not covered by health insurance, or perhaps a very messy divorce.
What all of these things contribute to is falling behind on one's financial obligations, and almost certainly many of your creditors are calling you to ask when you intend to get your account caught up, or if your accounts are getting to be seriously past due, sometimes those collection agencies can get even more threatening or ominous.
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If this sounds like the situation you are in, you may be thinking that it is time for file for bankruptcy but like anything else, there are things you must know about it because the process to declare bankruptcy is significant more complex today with recent changes in bankruptcy law than it used to be in the past. It is certainly not a game like playing Monopoly where declaring bankruptcy is inconsequential and part of the fun. There is very little fun in the real thing.
Most people do not really know where they stand financially. You probably don't either. You don't believe that? Ok, can you tell me right now exactly how much you are in debt to within about $25 total, as well as your current past due amounts and how many months past due you are on each account, as well as the makeup of your debts such as student loans, secured credit, unsecured credit, mortgage, and other?
Without that level of information at your fingertips, you are not ready to file for bankruptcy and you have some research to do and information to obtain. You see, that level of detailed information is going to be required to be presented to the courts so that they can determine if you should even be allowed to file. Yes, filing for bankruptcy is not an automatic process that you can do whenever you want and the courts must approve it. If your financial situation is not presented in the right light, you will not be approved. It is for this reason that you should use a bankruptcy lawyer who can analyze your finances and who has the experience to present your case to the courts in the light that is most likely to yield the desired result.
Do you have options or alternatives? You might and this is another piece of the puzzle that an experienced bankruptcy lawyer can advise you about. Did you know that certain types of debt cannot be eliminated through any form of bankruptcy? This is true and if a good portion of your debt is made up of these types of debt, then filing is not going to provide the total relief that you are looking for.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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