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Written by jessica Alba
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You have a major illness or injury in the family, you lost your job or had your hours cut back, you have two much rotating debt, and now you are at the end of your rope. You have struggled for months, if not years, to overcome financial hardships. But, it seems like no matter what you do, it only gets worse. Now, it seems to be spiraling out of control. If any of these scenarios sound like it could describe you and your financial circumstances in the near future, you definitely need to know the 10 mistakes of personal bankruptcy that can get you in a lot of trouble.
Although it might seem like it helps in the short-term, in the end it can only make your financial troubles more complicated and possibly even criminal. |
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10 Things You need to Know about Bankruptcy |
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Written by jessica Alba
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Maybe you have gotten in over your head with multiple credit cards; maybe you have recently lost your job, due to the economic downturn; maybe someone in your family has suffered a catastrophic accident or illness. Whatever the case may be, you now find yourself in desperate financial trouble. You can only see one way out. But, before you file, there are 10 things you need to know about bankruptcy.
1. Your Credit will be DamagedWhen you file bankruptcy, you can have a negative credit record for 7-10 years, depending on how you file. For example, if you file chapter 7, your bankruptcy can remain on the books for up to 10 years. Ouch! |
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7 Reasons to File Bankruptcy |
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Written by jessica Alba
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With rising unemployment and the increased cost of living, many people are having a really tough time making ends meet. The majority of the population is only one paycheck away from financial disaster. Who can save money, when it is already taking two incomes simply to pay for the monthly expenses? Even though it is usually the choice of last resort, there are actually 7 reasons it may be necessary to file bankruptcy.
The 7 reasons to file bankruptcy all have to do with what the creditors can do to collect their debt. It will be better to take charge of your negative financial situation than wait for the people to whom you owe money to start making your life totally miserable. For example, what about: |
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Good People File Bankruptcy |
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Written by Jessica Alba
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Although there may be an unfair stigma attached to seeking debt relief, do not be misled. Good people file bankruptcy. In some cases, it is due to poor financial decisions. However, with the unemployment rate rising to the double digits, many individuals simply have no other option. In addition, a large segment of society is only one or two paychecks away from destitution, if an accident or illness prevents them from working. If you are considering bankruptcy, you are not alone.
Poor Financial DecisionsThe number of people who are to the point of filing for bankruptcy, or have let the thought cross their mind, due to poor financial decisions, is probably in the thousands or millions. |
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The History of Bankruptcy |
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Written by jessica Alba
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The history of bankruptcy goes back thousands of years, and there is nothing new under the sun. If you have reached the end of your financial rope and you are considering filing chapter 11 or some other legal action, you are not alone; and, it does not mean you are irresponsible or a leech. In this troubled economy, you will be in good company with people from all walks of life, with varying socioeconomic status. You will join financially challenged individuals clear back to biblical times.
Since Recorded HistoryDuring the time the Old Testament was written, people have been struggling with money. A lot of individuals became indentured servants to pay off their debt. |
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