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Bankruptcy Law Information
Knowing that you need to, or may need to declare bankruptcy is never a pleasant idea. Even the most financially savvy people who always have savings for a rainy day, can wind up with serious financial problems because of different, unplanned circumstances that life can throw their way.
Illness, job loss, divorce, and foreclosure, name just a few of the many different things that can throw someone’s otherwise stable finances into disarray. If you have found yourself in any of these situations or other situations that cause financial distress, you know how quickly debt can start building up even when you are trying to stay on top of it and trying to maintain your financial integrity.
Bankruptcy gives people who are saddled with too much debt, an opportunity to get out from under it and to realistically be able to pay off their creditors in a fair manner. Many people are hesitant to even discuss bankruptcy let alone pursue filing for it because of the many negative connotations it carries. The reality is, once most people have completed bankruptcy filings, they are relieved to finally be able to clear their messy financial plates. Many people value being able to start over without the burden of mounting piles of unpaid bills.
Types of Bankruptcy
To find out more about Chapter 13 and Chapter 7 bankruptcy and whether or not you may qualify for either of them, contact a licensed bankruptcy attorney.