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| *The Commerce Journal>>>Personal Finance |
When is bankruptcy a good option? What are the steps and how do you know if you qualify? |
When is bankruptcy a good option? What are the steps and how do you know if you qualify? Bankruptcy is rarely a good option. If you are in debt $50,000 and your only make $30,000 a year then it might be a good option...but other than that...try your hardest to pay your debts and see if your creditors will work with you and even reduce how much you owe them. The honest and best thing to do is pay your debts. Bankruptcy is a good option when you are so far in debt you cannot make your minimum payments and your necessitys are not getting paid because of the debt. You can get a free conseltation with a lawyer and they will tell you what chapter you qualify to file...It is really hard to tell what chapter you qualify for on your own. The lawyer asks all sorts of questions, even what kind of dog you have...because they have to determine what kind of assets you have because the trustee is required to sell assets to pay creditors before the bankruptcy can be discharged. Don't plan on being dishonest because the trustee in most cases will visit your home. Many people say it is a bad option, but if you can't even pay the minimum on your credit cards and make your mortgage payment at the same time can you tell me what a better option is...I personally think bankruptcy was the best thing I could have done for my family, it was better than having judgments against my wages and fighting off creditors with a stick and arguing with my spouse all the time! Bankruptcy 2005 |
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