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Filing For Bankruptcy

Jan 27, 2008
The road to bankruptcy is a path that any of us can end up on. Unexpected life events can easily create overwhelming debt leading to this road. Medical bills from accidents or disease can add to debt. Divorce carrying alimony or child support payments can incur heavy debt. Each of us can perform every necessary step towards maintaining healthy credit and still come to file bankruptcy. An example of this is the loss of a job. There is a man who we will call Joseph. Joseph has worked in a plastics factory for twelve years. He has a house and a nice vehicle. He also pays his bill on time each month, never missing or being late on a payment. Joseph loses his job due to a company merger. He is now unemployed and bills begin to pile up. Joseph travels to a job interview and on his way is injured in an automobile crash. On top of his utility bills he now has medical bills that are overwhelming his life. He has severe injuries and cannot work Joseph is left considering personal bankruptcy.

It is easy for any one of us to be lead towards bankruptcy. We should pay our bills on time and spend our money wisely, but this cannot always prevent bankruptcy. Society often leads us to believe that frivolous spending and credit card debt are the only causes of bankruptcy when in fact it is simply unfortunate events that occur everyday to people all over the world. We should create budgets and then follow through. We should pay our bills on time and spend and save our money wisely. Perhaps we will prevent bankruptcy this way. Then again you may find you are on the road to bankruptcy and now you know that you won't be alone.

A lot of people are terrified about the idea of filing for bankruptcy. However, there are times when we get overwhelmed by our expenses and debts that we lose control over our finances. If you are one of those people who are using credits cards to pay off your debts, you have no other choice but to file for bankruptcy.

Advantages of Filing For Bankruptcy

If you take a closer look at the advantages and the disadvantages of filing for bankruptcy, you will notice that the benefits of filing for bankruptcy outweigh its negative impacts. Note that if you file for bankruptcy, you will be able to get rid of those annoying calls and collection letters from your creditors. If you have been hounded day in and day out be your creditors, now is the right time for you to decide to get these people off your case once and for all. Wouldn't it be nice to be debt free for a change?

Aside from getting rid of those pesky creditors, filing for bankruptcy will buy you sometime to pay off your bills. Moreover, if you file for bankruptcy, you will be entitled to pay off your outstanding bills at a very low or no interest at all. This means that it will now be easier for you to pay off those bills and get rid of all your long-standing debts.
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