Money Management: Fighting Personal Bankruptcy And Winning
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Deanna Mascle
Mar 23, 2013, 6:20:24 AM3/23/13
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Please consider this free-reprint article written by:
Deanna Mascle
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Article Title: Money Management: Fighting Personal Bankruptcy And Winning
Author: Deanna Mascle
Word Count: 529
Article URL: http://www.isnare.com/?aid=142038&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=142038
Easy Publish Tool: http://www.isnare.com/html.php?aid=142038
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Today's culture has seen an unmatched rise in the number of people who file personal bankruptcy. With the amount of consumer debt at an all-time high, a growing number of people feel that this is the best option for them so they can start over with their finances. The only problem with this idea is that it does not change a person's behavior. Instead, it almost reinforces the irresponsible habits and behaviors that resulted in the debt in the first place. People who find themselves in this predicament and want to avoid personal bankruptcy will want to look into bankruptcy alternatives before making their final decision.
Bankruptcy occurs when a person - the debtor - has a large amount of debt that they cannot repay for one reason or another. People who file bankruptcy often feel that there is no other option for them to get out of the insurmountable pile of debt that they have acquired. The accumulated debt can come from a variety of sources, including medical bills and credit cards, but not all debts are eligible for dischargeable status under bankruptcy regulations. The situation can also occur for a variety of reasons, from a legitimate catastrophic life event to merely years of irresponsible spending habits.
For years, many people decided to file bankruptcy in order to rid themselves of their student loans. Unfortunately for some people, the United States has recently made laws that exempt federal student loans from personal bankruptcy status. This means that even when a person has declared bankruptcy, they are still responsible for their federal student loans. Currently, this is the only exemption that debtors cannot add to their bankruptcy, but certain circumstances can allow for special provisions in very few cases.
For those who want to avoid bankruptcy, there are several ways to get out of what might seem to be insurmountable debt. Several bankruptcy alternatives are available and they are worth the extra amount of effort and work in order to preserve your credit. Since the United States passed new laws, it is almost impossible to have all of your debts simply relieved. Debts are more likely placed in a repayment plan with courts relegating a percentage of your income to each debt. The problem with this is that you can make deals with your creditors to make payments yourself without damaging your credit as much as a personal bankruptcy would do.
Even if it takes some hard work and effort, researching your financial options is of utmost importance for making the right decision. Instead of just allowing a personal bankruptcy to affect your credit for years to come, look into the ramifications it will have on your financial future. For instance, it will always affect your ability to get a low interest rate when you decide to buy a home or for many other types of major purchases. The best thing to do is to pick up as much overtime and negotiate with your creditors in order to pay them off. Of course, it will take some extra effort on your part, but your credit rating will thank you for it.
About The Author: Do you need help with personal finance budgeting and money management? Check out our free report "15 Ways To Save Money" at http://answersaboutfamilyfinance.info for more information
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=142038
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Deanna Mascle
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=142038
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=142038
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Money Management: Fighting Personal Bankruptcy And Winning
Author: Deanna Mascle
Word Count: 529
Article URL: http://www.isnare.com/?aid=142038&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=142038
Easy Publish Tool: http://www.isnare.com/html.php?aid=142038
*********************** ARTICLE START ***********************
Today's culture has seen an unmatched rise in the number of people who file personal bankruptcy. With the amount of consumer debt at an all-time high, a growing number of people feel that this is the best option for them so they can start over with their finances. The only problem with this idea is that it does not change a person's behavior. Instead, it almost reinforces the irresponsible habits and behaviors that resulted in the debt in the first place. People who find themselves in this predicament and want to avoid personal bankruptcy will want to look into bankruptcy alternatives before making their final decision.
Bankruptcy occurs when a person - the debtor - has a large amount of debt that they cannot repay for one reason or another. People who file bankruptcy often feel that there is no other option for them to get out of the insurmountable pile of debt that they have acquired. The accumulated debt can come from a variety of sources, including medical bills and credit cards, but not all debts are eligible for dischargeable status under bankruptcy regulations. The situation can also occur for a variety of reasons, from a legitimate catastrophic life event to merely years of irresponsible spending habits.
For years, many people decided to file bankruptcy in order to rid themselves of their student loans. Unfortunately for some people, the United States has recently made laws that exempt federal student loans from personal bankruptcy status. This means that even when a person has declared bankruptcy, they are still responsible for their federal student loans. Currently, this is the only exemption that debtors cannot add to their bankruptcy, but certain circumstances can allow for special provisions in very few cases.
For those who want to avoid bankruptcy, there are several ways to get out of what might seem to be insurmountable debt. Several bankruptcy alternatives are available and they are worth the extra amount of effort and work in order to preserve your credit. Since the United States passed new laws, it is almost impossible to have all of your debts simply relieved. Debts are more likely placed in a repayment plan with courts relegating a percentage of your income to each debt. The problem with this is that you can make deals with your creditors to make payments yourself without damaging your credit as much as a personal bankruptcy would do.
Even if it takes some hard work and effort, researching your financial options is of utmost importance for making the right decision. Instead of just allowing a personal bankruptcy to affect your credit for years to come, look into the ramifications it will have on your financial future. For instance, it will always affect your ability to get a low interest rate when you decide to buy a home or for many other types of major purchases. The best thing to do is to pick up as much overtime and negotiate with your creditors in order to pay them off. Of course, it will take some extra effort on your part, but your credit rating will thank you for it.
About The Author: Do you need help with personal finance budgeting and money management? Check out our free report "15 Ways To Save Money" at http://answersaboutfamilyfinance.info for more information
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=142038
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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