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July 2009

How do I know if a bankruptcy is my best option?

Submitted by Brenda Drucker on Fri, 07/17/2009 - 12:21
One way to determine if you need a bankruptcy is to itemize your living expenses such as rent/mortgage, car payments, utilities, food, and clothing. Take these expenses and compare these to your earnings. Do not include your debt. Do you have money left over that could be used to repay debt? Could you repay your entire debt within 3 years? If you say ‘yes’ to this, then you may be able to avoid a bankruptcy. Unfortunately, today many people have lost their jobs and are unable to pay their rent or other expenses. continue reading...

When you are in financial trouble—do you know your options?

Submitted by Brenda Drucker on Fri, 07/17/2009 - 12:18
People in financial trouble are often not aware of their options. The bankruptcy law is created to allow people to make a fresh start. Some people evade their financial problems. They feel upset that they cannot pay their bills. They may also feel guilty that they are not able to support their family or keep their home. These are natural reactions. However, if people are informed of their legal rights and make proper choices, they can take control of their lives and get back on track. This is what a bankruptcy is designed to do. continue reading...