File for Bankruptcy? Do I Qualify for Bankruptcy
by Laura Kaiser
When you are having
trouble paying your bills, it is easy to feel overwhelmed.
You've thought about bankruptcy but you've overheard awful
things about what it can do to your credit and your future.
All you really want is a way to get out from beneath your
debt and move on with your life. You possibly have creditors
calling and sending frightening letters demanding payment.
It can reach a point where you are scared to pick up the
phone or check your mail. The truth is that filing
bankruptcy is not a tragic ending but a new beginning and
getting a fresh start without the weight of extreme debt
holding you back. Bankruptcy is about starting over.
Individuals often become overwhelmed with unexpected
interest credit card debt that is tough to manage. An
unpredicted illness can also lead to large medical bills
that are difficult to repay. Or an unpredicted decrease in
income can lead to large credit card debt that you are
unable to pay.
Many people end up filing for bankruptcy due to situations
that were not in their control. People try to escape
bankruptcy but they donít realize that it can actually hurt
them in many situations. If you are thinking about filing
bankruptcy, you should look into all the options available
to you and get the help you need to make a smart choice.
Things change in life and sporadically we face hard times.
All types of bankruptcy are intended to give you the new
start you deserve and allow you to take control of your
financial position by living your life debt free.
The credit card business is making billions of dollars off
high interest credit card debt. The credit card business
also creates many complications for customers by repeatedly
sending them additional credit cards with higher limits.
There are several different choices available to clients
seeking debt relief. Bankruptcy law can be very multipart.
You should take the time to comprehend all your choices
before you make a decision and find the path that would be
best for you. Definitely do some research on all the pros
and cons of bankruptcy? You should also discuss alternatives
to bankruptcy if you decide that another course of action
would better fit your wishes.
Ask yourself the following questions:
Are you behind on car payments?
Are you behind on your house payments?
Is your house facing foreclosure?
Are you using one credit card to pay another credit card?
Are they threatening to repossess your car?
Are you being sued by a creditor?
Are you worried your paychecks are going to be garnished?
Are you worried that creditors will seize your bank account or your tax
Do you want a fresh start?
Do you want to start a new life?
Do I Qualify for
Bankruptcy? Below are a few basic guidelines for bankruptcy:
1) You first must take a financial counseling course that is approved by
2) Is your current monthly income more than the median income?
If the answer is yes then you will need to file a chapter 13
If your answer is no then you will need to file a chapter 7
3) In both cases you must
take an approved Credit Counseling Course to get a discharge
from your bankruptcy.
When the above complications are consistent occurrences,
you'll want to acquire more information about what filing a
Bankruptcy can do to help you. There are bankruptcy laws
intended to help you; seeking expert advice from bankruptcy
attorneys will help