WHY PEOPLE FILE FOR BANKRUPTCY

       Although no one wants to admit it, financial problems are common.  Financial problems arise for many reasons.  Whether it’s due to a high budget or a layoff, you may be struggling financially. 

The question arises, when is litigation the only way out?  People tend to think in situations where they should be judicious.  Here are some simple tips to help you decide.

       If you are in debt and can no longer pay, bankruptcy may be a good option for you.  When you completely eliminate your debt, it’s called debt settlement. 

The goal is to help reduce your overall debt and allow you to start from scratch.  Whether you choose Chapter 7 bankruptcy (payment in full) or Chapter 13 bankruptcy (restructuring), most, if not all, of your debt will disappear.

       If your home is currently foreclosed, a foreclosure can help stop the foreclosure process any time before the home is sold.  However, filing for bankruptcy does not cancel your existing lease.  Savings will help you create a plan to pay off your debt.

       Financing can help protect your car and the rest of the repossession process.  Even if you get the car back from the bank, you can force them to return the car to you when you apply for the loan. 

However, this will only happen if the mandate is drafted quickly and quickly enough.  Any money owed to you will be added to the bankruptcy plan.  When you file for bankruptcy and plan, your payments will go to the bankruptcy attorney, not the financial institution.

       These savings can help offset high medical bills.  Unfortunately, sometimes medical costs, whether due to injury or serious illness, can reach a point that you cannot afford.  If you decide to file for Chapter 13, your overall health care costs can be significantly reduced.

       Unemployment remains one of the top reasons people file for bankruptcy.  Families are satisfied with their income, whether it is the same or doubled.  Then, if an accident occurs and you lose your job, the bills can pile up quickly. 

Often job loss can be directly related to health reasons.  So with high medical bills and no money to pay these or other bills, bankruptcy may be the only good option to get rid of those bills.

       Loans can stop unwanted calls and messages from lenders.  Often, creditors do not obey the law when trying to collect money.  The lender will always call the house and treat it unfairly, cruelly and rudely.

       If you can’t pay your bills and close or foreclose, bankruptcy may be the way to go.  Documenting the cause helps prevent power outages in other devices.

       Student loans are another source of high debt.  Although student loans don’t completely end bankruptcy, they can help you consolidate your loans and make payments easier.

Financial protection can be terminated through Chapter 7. Money changers often buy things that are important to your family.  Savings can help put food on the table while cleaning

localnaija

1 thought on “WHY PEOPLE FILE FOR BANKRUPTCY”

  1. This design is incredible! You most certainly know how to keep a reader amused.

    Between your wit and your videos, I was almost moved to start
    my own blog (well, almost…HaHa!) Fantastic job.
    I really enjoyed what you had to say, and more than that, how you presented it.

    Too cool!

Leave a Comment

Your email address will not be published.