Why do people claim bankruptcy Bankruptcy is considered to be an avenue to relieve oneself from debts, by most people. Most people look forward to making a fresh start when they are all surrounded with debts. It is important for every individual to keep track of all his debts in terms of the amount owed and the time needed for paying back, because very often people forget about their affordability and due to their bad spending habits land up with a bunch of debts. Keeping good track of ones finances and spending can prevent an individual from claiming for bankruptcy, but then it is easier to say and too hard to follow.

Loss of employment:

this is one of the most common reasons for claiming of bankruptcy. Any sudden event because of which the major income earner or may be both spouses lose their jobs, can lead a family into financial trouble. With the job gone, the insurance protection provided by the employer also vanishes and both these things combined together can make recovering nearly impossible without the help of bankruptcy.

Stopping creditors harassment:

there are some lenders who may not always stick to the justified course of action in their attempt to collect the debt. They can often resort to threatening and abusive behavior, quite often adopting unlawful methods. Even though through claiming bankruptcy, a hold on the demands of the creditors cannot be put, but the harassment and undignified behavior can be stopped.

Stop wage garnishment:

wage garnishment is the practice of taking away your monthly earnings by your employer to pay for your debts, quite often leaving you without the basic necessities. Wage garnishment can be stopped with chapter-seven bankruptcy, which permits the debtor to keep sufficient wages so as to purchase necessities.

Challenging fraudulent creditors:

by claiming for bankruptcy, you can challenge the false claims made by some creditors who are trying to extract more money out of your pockets in an unjustified manner. In such a situation, you would definitely need the services of a bankruptcy lawyer who can even stop the creditors from fraudulent credit reporting.

However, when your debts have grown out of proportion,

However, when your debts have grown out of proportion, bankruptcy may be the only alternative left for you. But before you embark on claiming for bankruptcy, get acquainted with the pros and cons. The biggest advantage of declaring bankruptcy is to free oneself from debt so that his peace of mind can be restored, because his creditors will stop bugging him with repeated phone calls to get their money back. But alongside come some disadvantages such as the individual being relinquished of his assets and his financial problems becoming public. Claiming for bankruptcy can be very embarrassing for an individual and most people would not love to see themselves in that embarrassing spot.

All those who are thinking along the lines of claiming for bankruptcy should ideally begin by speaking to a bankruptcy lawyer

before they make any major decisions. There are different types of bankruptcies that you can claim for, and only a lawyer can help you in making the right decision by investigating your specific case. At the same time you need to pay some attention towards the importance of good credit, because re-establishing a good credit can make you realize some of your goals while offering your financial stability and independence.

You need to have a good planning done to manage your finances before and after the claiming for bankruptcy, to know exactly where you stand. Claiming for bankruptcy is not an easy job, and you will have to face a lot of losses before you can finally get back on your feet. You must begin saving some money and restricting yourself to purchasing items on cash basis only.

Filing bankruptcy is stressful, and it is not easy.

The decision as to whether to use an attorney should be taken very seriously. After all you will have many questions throughout the process and if you mess up badly, your case could end up being dismissed altogether. Because of the long-term legal and financial consequences, you need to strongly consider obtaining sound legal advice. Please Apply online Only for a FREE debt consultation Online Only Click Here

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