Five Major Reasons To File For Bankruptcy | Dating Advice Singles

A legal declaration that a person or business can?t pay their debts is known as bankruptcy. There are many reasons why people would decide to declare bankruptcy, and here are some of the top causes:

1. Loss of a job ? One of the most common causes why people file for bankruptcy is because they lost their job. The economy?s current dire state has forced a lot of people to leave their work, and therefore leaving them incapable of providing for themselves and their family. A job loss may also mean losing insurance that could?ve been provided by their employer.

2. Medical bills ? Sometimes, a terrible accident, illness or even just the loss of insurance caused by job loss, can be enough reason for a person to file for bankruptcy. These days, medical costs are really expensive and could pile up to inconceivable amounts. Filing for Chapter 7 Bankruptcy can greatly cut or even completely eliminate these debts.

3. Preventing repossession of properties ? If your home, car, or other highly valuable possession of yours is being repossessed, filing for Chapter 13 bankruptcy could force the creditor to return said items to you. After this, your past missed payments will be consolidated into your bankruptcy plan. You will no longer pay to your creditors, but to your trustee instead. In turn, they will pay the finance company for you.

4. Catch up on missed mortgage payments and stop home foreclosure ? Filing for Chapter 13 Bankruptcy won?t eliminate your property mortgage, but it can stop foreclosure before bidding or sales will occur. It will then let you to repay the mortgage arrears, or the mortgage amount left.

5. Stop harassing calls and behavior from creditors ? More often than not, creditors tend to do debt collection in an unpleasant manner. Their abusive and frequently annoying behavior is very unnecessary, and in fact, unethical. Filing for bankruptcy can put on hold the demands of many creditors, thus halting the many harassing phone calls and bad behavior.

There are many other reasons to file for bankruptcy. Of course, the best way to handle whatever bad financial situation is to consult the legal department.

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