As the United States government continues to mount up American debt, the citizens need to consider the possibility of getting back to old-fashioned values and become debt free. Although, it's virtually impossible to become completely debt free in this society, the thing that really destroys one's finances is credit card debt. Prior to 2008, credit card companies were passing out credit cards like dinner mints at a restaurant. They were allowing Americans to have balances of $50,000 and more based on stated income and just a signature. It's no surprise that the banks almost completely crashed and burned in 2008. Now, the people that haven't used a bankruptcy filing to eliminate this unsecured debt are facing some difficult choices. Many Americans have their heads buried in the sand thinking things will get back to the way they were about five years ago. The smart money says, those days are gone and will never return. Most people have been kicking the can down the road hoping things will get better. Every month they move money around while robbing Peter to pay Paul. The lucky ones still have a job and are one disaster away from filing bankruptcy. Living paycheck to paycheck is no way to live.
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Prior to the 1970s, people prided themselves on being debt free. If they wanted to take a special vacation, they would save as long as it took, sometimes years. Department stores used to have layaway plans, where the individual would hold an item until it was paid off and then they would take it home. In a debt free society, there is no impulsive spending. Everything has to be planned out and budgeted. Nothing is wrong with this kind of lifestyle and it sure would eliminate a lot of the stress. In today's fast-moving economy people have forgotten how to get out of debt. There are many ways to get out of debt and depend heavily on the individual's financial situation. If a person makes $40,000 a year and has $50,000 in consumer debt, outside of personal bankruptcy or winning the lottery, they will never be able to pay this debt off because of the interest rates. In this situation, filing bankruptcy is probably the best option for this individual. If they're squeaking by now, it won't take much to send this person down the drain quickly.
The quickest and fastest way for someone with a large amount of unsecured debt like credit cards and medical bills to become debt free is filing Chapter 7 bankruptcy. Filing Chapter 7 will wipe out all of these debts with the bankruptcy discharge. The whole process usually takes about 4 to 6 months from beginning to end. Because of the new complexity of the ever-changing bankruptcy code, it's best to use a bankruptcy attorney to complete the task. A bankruptcy attorney will make sure that the maximum amount of property is protected in the personal bankruptcy filing through the exemption laws. The attorney will also make sure that all of their client's debts are included in the bankruptcy discharge. This will make sure that nothing is forgotten and left for creditor retaliation after the personal bankruptcy. There are some debts that can't be wiped out in a Chapter 7 bankruptcy. These are student loans, secured debts, court ordered restitution or fines, child support and maintenance payments to an ex spouse. If the majority of one's debt comes from the latter list is next to impossible for these folks to become debt free. They will first need to complete their obligations for that to happen.
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