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SpinDistribute.com Article Directory

The following article was published in our article directory on July 28, 2010.
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Filing For Bankruptcy

Article Category: Finances

Author Name: Steven Giles

With so many people in society today finding themselves in financial trouble more frequently, the rate of bankruptcy has been on the rise.

The major purpose of bankruptcy is to offer honest debtors a fresh start, clearing nearly all debts and discharging debtors from lawful obligations and providing the courts with non-exempt assets to be distributed among the creditors.

Originally a bankruptcy case is started with the submitting of a petition. This petition declares the debtors financial information and states his intent to declare bankruptcy.

Most folks, who file for bankruptcy, file a chapter 7. This is a liquidation bankruptcy. This is where the debtor's non-exempt belongings are sold off and distributed on the basis or priority amongst the creditors.

Bankruptcy shouldn't be the first step though. Countless folks who get themselves in trouble immediately go to bankruptcy.

First talk with your creditors and strive to work something out. They would rather take repayments than deal with the red tape and funds that goes into legal action that they will need to take.

Next, talk with a non-profit debt consolidator. Loads of people who think they are deep in trouble are only borderline, and with some assistance and resourceful financial dealings, debts can be paid off without the initiating of a bankruptcy case.

When all else fails, a bankruptcy lawyer should be sought after. They are experts in the steps that need to be taken from submitting the paperwork to the court hearing to decide if the bankruptcy filing is legit. Bogus filing for bankruptcy is a crime and punishable in court.

Not a lot of people want to make the decision of when to file bankruptcy, but you"ll also find that there is some point where it just may have to be done. You"ll wan to keep in mind that bankruptcy will affect your credit rating and you"ll also have other ramifications.

Filing bankruptcy should only be a last resort when all other options have failed you. But when should you consider filing for bankruptcy?

You may also want to file bankruptcy when you are constantly borrowing money from one credit source to pay another credit source. If you need to start taking cash advances of more than $500 just to pay for living expenses.

You borrow to meet regular expenses like food and utility bills. You have stopped answering your phone because the only calls you receive now are from creditors.

Are there creditors that are threatening to sue you? They have even already taken some legal action against you. You will find that these all are signs that there is something terribly wrong and these are signs that you may want to consider filing a bankruptcy.

Then it comes to the decision of what sort of bankruptcy you need to file for. The most common are chapter 7 and chapter 13. With a chapter 7, you will find that it will wipe all your debt clean and it will also give you that immediate fresh start. Chapter 13, you will be making payments for three to five years.

However, you need to make sure that you consider filing for bankruptcy when you have gone through all of your other options. You"ll need to make sure that you think about your financials as practical situations. You will also find that if you get some professional advice from a bankruptcy lawyer they will tell you what your options are and also get the bankruptcy filing going if that is your last option.

Keywords: debt consolidation,credit card repayments,debt consolidation or bankruptcy,bankruptcy,credit card debt

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