Don't assume that filing for bankruptcy is an easy way to handle debts. When people file for bankruptcy, they have to take the time to learn what obligations they have. A person who files for Chapter 13 bankruptcy has very specific responsibilities.
Filing for bankruptcy isn't a decision that most people come to overnight. Instead, it is often made after taking a serious look at their financial state. When you do decide that you are going to file, you have to think about how this decision will impact you now and into the future.
Most people never think that they will have to file for bankruptcy, but the ones who do have to realize that this isn't an instant answer to the issues that they are facing. It is imperative that anyone who is filing understands some of the important things they need to do after he or she files.
The events leading up to having to file for bankruptcy often include having to deal with multiple creditor phone calls per day and harassing letters. This is disheartening and can lead to emotional turmoil. When you file for bankruptcy, you will receive an automatic stay that prevents creditors from being able to contact you about the debt.
Filing for bankruptcy is a huge deal because there are pros and cons that you might have to deal with as part of the process. When you aren't able to make payments on the bankruptcy-related debts, you might need to file a Chapter 7 bankruptcy. This is also known as a liquidation bankruptcy because your nonexempt assets are liquidated in an effort to pay off as much of the debt as possible.
Bankruptcy isn't something to be ashamed of. In the past, having to seek this protection was usually kept a secret. Now, we realize that filing bankruptcy is actually more responsible than just avoiding your creditors.
You know that bankruptcy is coming. You owe $25,000 on various credit cards. You lost your job through no fault of your own -- the company went under and all the employees lost their jobs -- and now you're just working part time.
Debt is not partial to any particular group of people. No matter where you come from or where you have been, you might find yourself in a financially poor situation.
Most of us can remember the poor economy at the end of the last decade. According to U.S. Bankruptcy Court records, bankruptcies peaked at nearly 30,000 filings in 2010. However, it appears that the economy might be on the upswing after all. Since 2010, the number of filings has been steadily decreasing.
Kimberly-Clark plans on cutting more than 5,000 jobs and closing 10 facilities across the globe, according to an announcement by their leaders this week. In case you didn't know, Kimberly-Clark, who makes paper products, such as Huggies, Kleenex and paper towels, was founded in Neenah in 1872. While now headquartered in Dallas, it still employs about 3,200 people in the Fox Cities.