From The Bankruptcy Files: Recognize Trouble Before It Gets Overwhelming
0 views
Skip to first unread message
Larence Hubert
May 6, 2013, 3:30:04 PM5/6/13
to publish-the...@googlegroups.com
*****************************************************************
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Larence Hubert
*****************************
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=219770
- 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=219770
- 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: From The Bankruptcy Files: Recognize Trouble Before It Gets Overwhelming
Author: Larence Hubert
Word Count: 781
Article URL: http://www.isnare.com/?aid=219770&ca=Legal
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=219770
Easy Publish Tool: http://www.isnare.com/html.php?aid=219770
*********************** ARTICLE START ***********************
There are many reasons someone may find themselves in enough debt to consider bankruptcy. While choosing to file for bankruptcy is a difficult decision, it�s often one that can�t be avoided. Here are three reasons many people use when choosing to file for bankruptcy.
1) They have an excessively high debt load. This can be from credit card debt, loans or even medical bills. Through a Chapter 7 bankruptcy with which the slate is effectively wiped clean or reorganization with a Chapter 13 filing, the person in debt can often benefit from the filing.
2) Many file to save their home from foreclosure. Filing for Chapter 13 bankruptcy will automatically stop a foreclosure on a home. The homeowner remains responsible for the amount borrowed, but the past due payments can be included in a repayment plan. The court must approve the plan however. In addition, many people use bankruptcy as a way to save their car and other property likely able to be repossessed.
3) Another common reason people file bankruptcy is when one or both workers in the home lose their job. In this case, they usually have financial obligations they can no longer meet. The typical person�s lifestyle is guided by their income and with a sudden loss of employment it can be difficult to stay afloat financially.
Most debtors realize that they are financially in trouble well before they are filing for bankruptcy, but there are a few whose bankruptcy files showcase the fact that possibilities for avoiding this drastic step were not realized. Instead, a steady decline resulted in the dreaded filing and if the debtor had but pulled the fiscal emergency brake just a bit earlier, she or he might have avoided a long term mistake!
Here are some of the most commonly disregarded warning signs that � when observed carefully � may help you to get back on track:
� You rely on your credit cards to pay for necessities such as food and shelter.
� You use one credit card to make the minimum payment on another.
� You routinely only pay the minimum amount due.
� Your credit cards are maxed out or pretty close to it.
� Credit card payments are eating up a sizeable chunk of your monthly budget.
� Collection agencies are writing to you.
� Credit applications have been denied because you show too many open accounts that are too close to being maxed out.
� Your debt to income ratio is too high.
� You do not save any money on a monthly basis but instead barely hang on in an effort to pay each and every creditor.
� You are one month behind in payments to some creditors.
� You spending privileges have been revoked, your utilities are shut off (or have been in the recent past), and you are asking friends and family for loans.
While overdue bills, collection agency letters, and the nasty phone calls that are so often associated with dealings with such agencies may cause many a debtor to consider bankruptcy as a viable option, think long and hard before committing to this procedure! Sure, you know that there are serious legal ramifications � such as an adverse notation on your credit report for about seven years � but by and large the real problems associated with this mark go much deeper.
Your ability to buy a house, car, or other big ticket item that requires credit is seriously impeded and even those who will still finance you will do so at frequently exorbitant rates. If this is still not enough to warn you off, here are some situations that should help you determine whether you need bankruptcy protection:
� Is you fiscal situation dire and you see no way out � not next week and not in a year? This is a sign that you need to consider making a fresh start.
� Have you pursued other avenues of fundraising to help pay your bills? You might try personal loans, commercial loans, selling assets, or taking on a secondary job. If all these have failed, it may be time for a fresh start.
� Is your debt affecting your emotional well-being? Nobody feels great about owing money, but some are actually led to clinical depression and in such cases a fresh start is well worth the consequences.
� Have you tried to create and maintain a budget that includes a repayment plan for your debts? If not, try to do so first, but if you are already stretching the dollar until the eagle grins, it is time to consider letting go.
About The Author: Legal Helpers is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms. Bankruptcy attorneys answer the phones six days a week and evenings. http://www.legalhelpers.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=219770
*********************** 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:
Larence Hubert
*****************************
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=219770
- 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=219770
- 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: From The Bankruptcy Files: Recognize Trouble Before It Gets Overwhelming
Author: Larence Hubert
Word Count: 781
Article URL: http://www.isnare.com/?aid=219770&ca=Legal
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=219770
Easy Publish Tool: http://www.isnare.com/html.php?aid=219770
*********************** ARTICLE START ***********************
There are many reasons someone may find themselves in enough debt to consider bankruptcy. While choosing to file for bankruptcy is a difficult decision, it�s often one that can�t be avoided. Here are three reasons many people use when choosing to file for bankruptcy.
1) They have an excessively high debt load. This can be from credit card debt, loans or even medical bills. Through a Chapter 7 bankruptcy with which the slate is effectively wiped clean or reorganization with a Chapter 13 filing, the person in debt can often benefit from the filing.
2) Many file to save their home from foreclosure. Filing for Chapter 13 bankruptcy will automatically stop a foreclosure on a home. The homeowner remains responsible for the amount borrowed, but the past due payments can be included in a repayment plan. The court must approve the plan however. In addition, many people use bankruptcy as a way to save their car and other property likely able to be repossessed.
3) Another common reason people file bankruptcy is when one or both workers in the home lose their job. In this case, they usually have financial obligations they can no longer meet. The typical person�s lifestyle is guided by their income and with a sudden loss of employment it can be difficult to stay afloat financially.
Most debtors realize that they are financially in trouble well before they are filing for bankruptcy, but there are a few whose bankruptcy files showcase the fact that possibilities for avoiding this drastic step were not realized. Instead, a steady decline resulted in the dreaded filing and if the debtor had but pulled the fiscal emergency brake just a bit earlier, she or he might have avoided a long term mistake!
Here are some of the most commonly disregarded warning signs that � when observed carefully � may help you to get back on track:
� You rely on your credit cards to pay for necessities such as food and shelter.
� You use one credit card to make the minimum payment on another.
� You routinely only pay the minimum amount due.
� Your credit cards are maxed out or pretty close to it.
� Credit card payments are eating up a sizeable chunk of your monthly budget.
� Collection agencies are writing to you.
� Credit applications have been denied because you show too many open accounts that are too close to being maxed out.
� Your debt to income ratio is too high.
� You do not save any money on a monthly basis but instead barely hang on in an effort to pay each and every creditor.
� You are one month behind in payments to some creditors.
� You spending privileges have been revoked, your utilities are shut off (or have been in the recent past), and you are asking friends and family for loans.
While overdue bills, collection agency letters, and the nasty phone calls that are so often associated with dealings with such agencies may cause many a debtor to consider bankruptcy as a viable option, think long and hard before committing to this procedure! Sure, you know that there are serious legal ramifications � such as an adverse notation on your credit report for about seven years � but by and large the real problems associated with this mark go much deeper.
Your ability to buy a house, car, or other big ticket item that requires credit is seriously impeded and even those who will still finance you will do so at frequently exorbitant rates. If this is still not enough to warn you off, here are some situations that should help you determine whether you need bankruptcy protection:
� Is you fiscal situation dire and you see no way out � not next week and not in a year? This is a sign that you need to consider making a fresh start.
� Have you pursued other avenues of fundraising to help pay your bills? You might try personal loans, commercial loans, selling assets, or taking on a secondary job. If all these have failed, it may be time for a fresh start.
� Is your debt affecting your emotional well-being? Nobody feels great about owing money, but some are actually led to clinical depression and in such cases a fresh start is well worth the consequences.
� Have you tried to create and maintain a budget that includes a repayment plan for your debts? If not, try to do so first, but if you are already stretching the dollar until the eagle grins, it is time to consider letting go.
About The Author: Legal Helpers is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms. Bankruptcy attorneys answer the phones six days a week and evenings. http://www.legalhelpers.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=219770
*********************** 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
Reply all
Reply to author
Forward
0 new messages