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bankruptcy Archives

Personal bankruptcy can help those who are too far in debt

The holiday season is here, which means that many people are going to feel pressure to purchase gifts. Even though you want to show others how much you care for them, it is imperative that you only make purchases if you can truly afford them. Unfortunately, it is easy for you to become overextended with your credit during this time of year.

What you need to know about retirement accounts and bankruptcy

Many people worry about what is going to happen to specific assets if they have to file for bankruptcy. This is completely understandable since they worked hard to obtain and maintain the things they have. One thing that is especially troublesome for some is their retirement account.

Act quickly to reclaim your financial future

When you file for bankruptcy, your creditors will likely have to forgive some of the debt that you incurred. This might trouble you; however, you should remember that it is better for them to know now that they won't get that money than to leave it on the books. You are being financially responsible by admitting that you are in over your head.

Think of bankruptcy as a tool for your financial future

Bankruptcy protection is something that most people hope they will never have to use. When you realize that you do need to use it, you might battle with yourself because you want to pay your bills but you simply can't. This is a rough spot to be in, but it is imperative that you take an honest look at your finances so you can decide what to do.

Medical bills are treated just like others in bankruptcy

Unexpected and costly medical care is one of the reasons why some people have to file for bankruptcy.  Even when they are able to keep up with their other bills, they might feel helpless when it comes to the medical bills. Unfortunately, there isn't a type of bankruptcy that specifically addresses only medical bills. Instead, you will have to file a normal personal bankruptcy, but you might find that this is beneficial.

Not all bankruptcies stem from mismanagement of finances

Have you ever thought about what leads people into a situation where they need to file for bankruptcy? In many cases, the answer has nothing to do with being financially irresponsible. Many people who find themselves needing this type of protection have become overwhelmed due to factors that they can't control. In some cases, this is an unexpected medical condition.

More American seniors are facing financial insolvency

When one thinks of their "golden years," it's doubtful that they are considering the prospect of looming bankruptcy. However, for many Americans of retirement age, it's a real possibility, since the rates of bankruptcy among senior citizens have increased to five times the rate since 1991.

You might find relief from debt by filing bankruptcy

Financial difficulties stem from many different situations. Many people think that bankruptcy is the result of being irresponsible with your money, but the deep debt might have stemmed from an unexpected medical crisis that took away your ability to work for a while. We understand that you don't necessarily want to file for bankruptcy but that you might have to just to get back on your feet.

Keep up with your responsibilities during a bankruptcy

Filing for bankruptcy doesn't mean that you can just forget about debts. Instead, you will have to make sure that you are handling the responsibilities that you have in the case. These can vary some based on the chapter you file, but you should make sure you understand what you need to do for your case.