If a person is either not careful or unlucky, it is possible for their debts to become financially crushing obligations. Depending on the type and amount of debt that you owe, it is possible for your creditors to take extremely aggressive actions against you to collect the money you owe. Whether it is repossessing your possessions or garnishing your wages, these actions can be extremely disruptive to your daily life. To end this cycle, you may need to consider filing for the protection of bankruptcy, but if this is not a strategy that you have seriously considered, you may benefit from having the following couple of bankruptcy questions addressed before you meet with your attorney.
- When your finances take a turn for the worse, it can make things extremely difficult and frustrating. Before you know it, you aren't able to pay your monthly bills. Credit card companies, the mortgage lender, utility companies, and doctors are calling your home and asking where their money is. You find yourself feeling like there is nothing you can do. Thankfully, that isn't the case. With a Chapter 7 bankruptcy case, you can put an end to your financial woes and move forward with the fresh start you deserve.
- The Social Security Administration (SSA) eventually denies 53 percent of all claims for disability benefits on average every year. There are numerous reasons why a claim gets denied, but the most common ones are lack of medical information proving a disability (combined with failing to abide by a medical treatment plan developed by your doctor), refusing to cooperate with the SSA requirements, monthly income was too high, and disability wasn't permanent.
- While it can be stressful having to go through serious financial trouble, there may be a way to get the fresh start that you need. Many people turn to bankruptcy when they find themselves no longer able to pay off past debts and current bills. If you're in this situation, you may be wary due to the fact that bankruptcy stays on your record for many years. The truth is there are many benefits to this process.
- Filing for bankruptcy is never an easy option but for some individuals, it may be the only way out of crippling debt. There are two main bankruptcy chapters, 7 and 13, that apply to individuals. Below are three reasons you may decide to file for chapter 13 bankruptcy over chapter 7. You Don't Qualify for Chapter 7 Chapter 7 bankruptcy has much stricter guidelines to be met since many of your debts will be fully discharged under this chapter.