Are You Bankrupt?

Are You Bankrupt? "Are you having difficulty paying your monthly bills? Monthly, are you only able to pay the minimum balance on your credit cards, and sometimes not even that? Are you pondering if you might be bankrupt? The simplest definition of bankruptcy is having more debt than available funds to pay it. There are alternatives to filing for bankruptcy, such as credit counseling and debt consolidation loans, but these so-called solutions frequently make the situation worse.Consider carefully your living expenses and your debt. Examine your income afterward. Determine what you can realistically reduce from your budget without experiencing hardship. If your debts exceed your income, it may be necessary to consult with a bankruptcy attorney.When you decide to declare bankruptcy, you have several options. When most people think of bankruptcy, they envision Chapter 7 bankruptcy. Except for a few exceptions, including your primary residence and vehicle, your assets are liquidated to pay off your creditors, and then your debts are discharged. Your bankruptcy will remain on your credit report for the next ten years, but many people are able to begin building credit again once they have a clear slate.The alternative choice is Chapter 13 bankruptcy. Chapter 13 is comparable to consolidation of debts. You are allotted five years to repay your debts as the debtor. Your attorney may serve as a trustee or debt counselor, accepting a single monthly payment and distributing funds on your behalf. During the duration of this bankruptcy, your creditors are prohibited from contacting you to request repayment. The decision to declare bankruptcy should not be made flippantly. This is a significant commitment that should only be undertaken after cautious consideration.
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