It's very stressful to have unmanageable debt, and most people before they even consider filing for bankruptcy struggle with this daily. Individuals suffering from financial troubles usually wait up to a year or more before getting professional help. People that should be considering filing for bankruptcy know what it's like to be burdened with debt but usually don't know how bankruptcy could help them. Most consumers feel that filing bankruptcy carries a negative connotation with it. The bad stigma that people associate with bankruptcy only exists in the individual's head. It's important for an individual to be informed about the causes of bankruptcy and the benefits. Pride is generally what keeps people from getting help and when they finally acknowledge they can't do it on their own they start looking for advice.
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Most small business owners and consumers seem to think that with bankruptcy a mark of shame comes along with it. This is why individuals feel that filing for debt protection should be avoided at all costs. It's funny how the same people think that it's a positive step for corporations giving them a fresh start. Reading the news about big corporations filing for bankruptcy, they stress the benefits of bankruptcy to be rid of unnecessary assets and to restructure being able to manage overwhelming debt. The truth is, all these same opportunities are available to individuals and small business owners with Chapter 7 and Chapter 13 bankruptcy. If heavily experienced corporate management from the biggest companies in America make bad moves that put these businesses into bankruptcy, why do the common folk think that it's a mark of shame or failure to do the same?
When deciding on filing for bankruptcy it's important to understand the law. The most important aspect of a successful bankruptcy filing is honesty. In a bankruptcy filing all individuals have to disclose all of their property. Many people misunderstand this as they will be losing all their property. The bankruptcy court requires you to list all of your property on your bankruptcy forms. Not to worry, you won't lose everything.
Nowadays, it's very common for creditors to get judgments against the debtor before they have time to file the bankruptcy petition. Most judgments are wiped out by filing for bankruptcy. Some of the exceptions to this are secured debts or taxes. Although, just because you have a judgment doesn't mean you have to file for bankruptcy. In some cases, there are people who are judgment proof where they have no unprotected income or assets that that creditor can attach. Be very careful because, lately, creditors have been very aggressive in the way they go after debtors. If you're in this situation, it's best to consult with a local bankruptcy attorney and find out what bankruptcy will do for you. Be proactive when it comes to your finances to protect as much property as you can.
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