Sunday, May 25, 2008
Even though bankruptcy is visible in your records or on your companies record for a very long time, and even though it can make it nearly impossible for you to get loans, get credit or even do any large financial trading, there is still the factor that remains that once you have filed for bankruptcy, your debts are most likely going to be taken care of. This had led to many types of bankruptcy fraud, and has led in turn to a crackdown on this fraud by the government, which is going to hopefully be able to take care of too many different bankruptcies and get and increasing number of people back on their feet in the best way possible.
Declaring bankruptcy can be a helpful tool if you find yourself drowning in debt. Bankruptcy is meant to help people who just cannot find any other way out. It allows you to use all of your assets to pay back as much as possible over a set number of years or all at once and then start anew. When you declare bankruptcy, you free yourself from creditors and collection agency phone calls – or even collection agency visits – and get a chance to start over again with a fresh slate.
Bankruptcy is a financial practice that allows you to officially declare that you cannot repay your debts now and do not see how it will ever be possible in the future. Declaring bankruptcy is a big step – both in the short and long term ranges. For some people, there are other ways to get out of debt, like debt consolidation or negotiating with your lenders.
Friday, May 23, 2008
Bankruptcy is when a person or business officially declares absolute inability to pay back creditors the money that is owed. This should only be done as a last resort, because bankruptcy may affect every aspect of your financial life.
Bankruptcy is the financial situation where you declare that you cannot repay your creditors at this time or see any way to repay them in the future. Depending on your income and the amount of money you owe, an individual may declare different types of bankruptcy. However, in either case, bankruptcy is a fairly public affair. Your name and address will be published in at least one newspaper. Some of your friends may read about it, and your neighbors might see movers coming to repossess some of their items you may have on lease. For many people, the worst part of bankruptcy isn’t losing the money; it’s losing pride and dignity. But you might as well realize that you can't pay your bills with pride or dignity.