|
Author: Tim S Article source: http://www.msjsoftware.com/. Used with author's permission.
1. Eliminate the legal obligation to pay many of your debts.
This process of wiping the slate clean is called a discharge of debts. The goal of a discharge is to reduce debt to give you a fresh start. Whether it is through straight bankruptcy (Chapter 7 Bankruptcy) or through reorganization (Chapter 13 Bankruptcy), most or all of your debts can be cleared.
2. Stop foreclosure on you house and allow you to effectively make payments to catch up on missed payments of your mortgage.
If your home is in foreclosure, Chapter 13 Bankruptcy will stop the foreclosure any time prior to the sale. Bankruptcy does not eliminate mortgages on your property without payment. Rather, bankruptcy will structure a plan in order to repay your mortgage arrears (the amount that you are behind).
3. Prevent your car or other property from being repossessed.
Even if the creditor has repossessed your car, filing bankruptcy can effectively force them to return your car or other personal property (if the bankruptcy is filed quickly enough). The past payments you have missed will be consolidated into your Chapter 13 Bankruptcy plan. After this you will no longer pay the finance company, rather you will make monthly payments to the trustee of your Chapter 13 Bankruptcy who will then pay the finance company.
4. Reduce or even eliminate high medical bills.
Sometimes an unfortunate accident or major recently discovered illness can completely ruin a family. Many families have to make choices on allocation of bills. Often, bills that were once important become insignificant to the large medical bills acquired by a loved one. Filing Chapter 7 Bankruptcy can greatly reduce the amount of medical bills.
5. Recent loss of employment.
Studies show that loss of work is one of the most common reasons people file for bankruptcy. This is very easy to see. A family can get comfortable on two maybe even one salary. They can take on regular amount of debts, join clubs, and pay normal bills with relative ease. All of a sudden one or both spouses lose a job and a family must go from two salaries to one. Losing a job is closely tied to high medical bills. Losing a job means this family may be left without the protection of insurance that was once provided by their employer. Often times these two factors combined create an almost impossible mountain to climb without the help of bankruptcy.
6. Stop harassing behavior from creditors.
Some creditors do not always take the right course of action when attempting to collect a debt. Often, creditors will persistently call the home of a particular debtor with demeaning and abusive behavior. Not only is this unethical it can rise to the level of unlawful. In essence, bankruptcy will put on hold the demands of many creditors and stop the harassing phone calls and other inappropriate behavior all together.
7. Restore or prevent your utilities from being shut off.
As you have probably seen many of these reasons overlap. Some lead to another. If your home is in risk of foreclosure then your utility bill may also be in risk of being terminated. Filing bankruptcy can prevent the utility company from leaving you in the dark.
8. Provide help for large amounts of student loan debt.
While it is true that your student loans will not be eliminated like several other types of unsecured debt, bankruptcy can consolidate your student loan debt. This consolidation will allow a debtor to make monthly payments through Chapter 13 Bankruptcy that are within the financial ability of the debtor.
9. End wage garnishments.
Chapter 7 Bankruptcy will stop wage garnishment. Wage garnishment basically takes away your weekly earnings often times leaving you without necessities. Chapter 7 Bankruptcy allows you to purchase necessities for you and your family. Chapter 13 Bankruptcy will also help in this regard.
10. Challenge certain claims of fraudulent creditors.
Bankruptcy will allow you to challenge these claims from creditors who are trying to collect more money from you than you really owe. An attorney can provide the support and the backing you will need to step up to these creditors. Attorneys often even the playing field between a big creditor and a single debtor. Filing bankruptcy with an attorney can stop fraudulent reporting by a creditor. Original content from http://www.bankruptcyhome.com
You can also view more related articles at http://www.bankruptcyhome.com/articles.htm
Do You Have the Confidence to Play Competitive Golf?
Competitive golfers are always in search of the elusive characteristic called confidence. For some, they had it and now have "lost it". Others, claim never to...
Find Your Niche & Follow It - Part 1
In this series of articles I'm going to show you how to find out if there's a hungry crowd for your information product BEFORE you write a single word. Mark T...
How to Choose Your Ideal Career
They say that most people do complete and total career changes at least once often twice in their lifetimes. Very few people chose the ideal perfect career for...
Building Muscle Power Through Vitamins and Minerals
The muscles of the body actually depend heavily on the vitamins, minerals as well as on the other nutrients that we take in so as to ensure that they're always ...
10 Tips For A Successful Website
Have you ever thought the secret behind the success of most of the famous sites. Do you ask yourself these questions. Why do they get so many clicks?Why they ar...
Focus on a Trade - Not a Discount
Smart buyers will always ask for a better price. Unfortunately, too many sales people and business owners automatically think that reducing their price is the m...
A Gentle Warning To All Webmasters About RSS
Read the following report to find out why RSS
should become an obsession for Every webmaster.
The survival of your website may depend upon it!
Beef Consomme with Choux Puffs
Beef consommé with choux puffs this recipe for consommé has been modified from a more traditional consommé. This newer easier consommé is simple to make and on...
13 Ways to Destroy Your Website
A description of the 13 items that you need to include on your website in order to survive.
Think of Wealth and Become Wealthy
Our thought are magnetic ! Like a magnet we attract circumstances and opportunities. We litterally attract the life we want with our powerful magnetic thought !
Proform Treadmills and iFit Technology – The Right Combination for Workout Success!
Proform treadmills are well worth considering. Good value for what you pay, with some impressive features.
How To Determine Which Wholesale Products Will Sell Well
There is an easy and effective way to know which wholesale products can sell.
Selling Houses: Flooring & Feelings
Buyers think they love Italian tile and other hard floor surfaces, but they actually feel happier when they're walking on softer surfaces such as padded carpeti...
Always Sell To New Eyes And New Ears
One of the hardest things for you to do as an advertiser to do is to step into your prospect's shoes and really understand what makes him buy, and to find out h...
10 Reasons Why People Wont Buy A Second Product From You
If you have or are planning to have an ecommerce website selling products, read this article to be sure that you make first time buyers into second time buyers ...
Busting the Dairy Myth – The Truth About our Health and Dairy
Millions of people around the UK consume dairy products on a daily basis. Our huge consumption of dairy is due not only to the convenience it brings to cooking...
Rent a Town Home in Orlando, Florida for LESS than Hotel
When you venture to Orlando, Davenport, or Kissimmee, Florida, why mess with crowded hotels, dirty rooms, and tons of tourists? You are coming to see the theme ...
Use Feng Shui Coins To Increase Your Income
Feng shui coins can allow you, among other things, to increase your income. By keeping three coins tied with a read thread, you would protect your already exist...
Quick Tips On Time Management
Quick, action oriented tips on managing your time better and becoming more productive.
Creating An Effective Toolbox For Success
Most people have a toolbox of coping mechanisms that effectively get us through life's tougher situations. But if that toolbox isn't very full with empowering ...
The Secret Key To Permanent Weight Loss!
With this key, I GUARANTEE YOU WILL LOSE ALL THE WEIGHT YOUR EVER WANTED TOO! Imagine yourself at your ideal weight. After all those years of trying to lose wei...
Branding: Bring Back the Jingle!
Did you grow up in the '70s and '80s? If so, you probably have a slew of campy jingles from various TV commercials filed away in your brain. Today, advertisers ...
Whos Creating YOUR Reality?
If there is conflict, turmoil or frustration in our outer
experience, the cause lies in the inner realm of our minds.
Our outer world is nothing more than an...
Complimenting Your Site With Others
Consider for a minute my son's website for grass mowing, grassattacker.com. Obviously this is a very sm...
|
Print this page