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Easing your Mind When it Comes to Bankruptcy

Posted by on Feb 5, 2018 in Bankruptcy | 0 comments

The worst feeling in the world is when you owe money that you don’t have. Your mind is racing trying to think of ways to make ends meet, pay your bills, and avoid the creditors while still living a healthy life. It’s a mentally draining feeling, that can extend into physical exhaustion when times are hectic, and money is scarce. Bankruptcy can occur for many reasons. Anyone who has faced steep healthcare bills, high mortgage payments, or been displaced from work for a while can find themselves dealing with substantial monetary issues and considering bankruptcy.

I found some reading about bankruptcy law, and what exactly the whole process entails. I know the general stigma of bankruptcy; it’s never a good thing to have on your record, and you can’t loan money from anywhere, which leaves you economically crippled. Many people are scared to find out the details concerning how and when to file for bankruptcy. However, when you find the courage to look into it, you’ll see that bankruptcy is a viable option that can relieve a lot of pressure. 

With an attorney’s help, bankruptcy can be filed for a plethora of reasons. Anyone facing issues with medical bills, regardless of whether or not they have health insurance coverage, can get help from an attorney filing for bankruptcy. Retired and active members of the military can use the advice of an attorney to present their case and file for bankruptcy as well. There are many reasons and avenues by which to file for bankruptcy, all of which can be made more accessible and more transparent with the help of reliable legal counsel.

There are many reasons why someone could file for bankruptcy; it could be for healthcare, credit card, mortgage, or bills. The list is long, and sometimes it can feel like there are multiple commas in the total dollar amount owed. Exploring the option of bankruptcy can give you the feeling of and an actual second chance.

In most cases, those who owe money aren’t irresponsible or bad with money; they’re often just plain unlucky. Those who file for bankruptcy often find themselves working diligently to secure a stable lifestyle for themselves and their families, and to see success at it too. My recommendation is this: keep your mind open, and options will appear, many of which will be astronomically better than you ever thought they would. Many people have changed their lives for the better as soon as they opened their minds up to other possibilities, and their mind, spirit, and family have all thank them for it. With competent legal counsel who cares about you and your loved ones, you can find your second chance.

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Chapter 7 bankruptcy: What’s in it for me?

Posted by on Feb 10, 2016 in Bankruptcy | 0 comments

For those whose financial status is in great disarray, one way to get back on track is through filing for bankruptcy. But no matter how practical, achievable, and logical filing for a bankruptcy is to most circumstances, many are still reluctant in taking this step due to one thing: stigma. Many people still tend to think that someone who filed for bankruptcy was someone who has been irresponsible with his finances. Although this could be true to some, most people are wedged in financial trouble due to many different reasons that they cannot control: sickness, lay-offs, death in the family, divorce.

Depending on your circumstances, there are different types of bankruptcy that can meet your specific needs. For those with no stable income or whose income is below the average, a Chapter 7 bankruptcy would be the best option to get out of debt. With Chapter 7 bankruptcy, an applicant might be able to discharge or “wipe out” certain types of debts, usually the unsecured ones (debts that creditors don’t have a lien on).

According to the website of Raleigh Chapter 7 bankruptcy lawyers at the Bradford Law Offices, PLLC, credit card charges are the most common type of unsecured debt that a Chapter 7 bankruptcy may take care of. Personal loans from family and friends, medical bills, and utility bills are also usually discharged. Penalties arising from auto accidents may also be wiped off, unless it was a result of DUI. In some cases, dishonored checks are also discharged, as long as it is not related to fraud.

One limitation of Chapter 7 bankruptcy, however, is that it cannot protect you from secured debts, or debts with lien. So, filing for Chapter 7 usually will not prevent creditors from repossessing your home, your car, or any of your property used to secure a loan. Also, debts acquired after filing may not be covered by Chapter 7 filing, even if they are unsecured.

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