Do I Qualify For Bankruptcy

Feb 5th, 2014 | By | Category: Legal

Don’t let bill collectors convince you that you’re ineligible for bankruptcy. Debt collectors don’t want you to file bankruptcy under any circumstances as it means that they’ll not have the money you owe them, so they’ll always say to you that you don’t qualify when given the chance. The only way to truly know if you are entitled is to do some research or speak with a bankruptcy attorney.

Be aware that bankruptcy doesn’t actually cover all types of debt. Debts that you owe to the government (both federal and local) will still need to be repaid. Some people try to dodge this by financing their tax bills through credit cards or loans. This doesn’t work; you’ll not be in a position to discharge those debts via bankruptcy.

UPDATE: Do I Qualify For Bankruptcy

If you have many non-dischargeable debts, filling for bankruptcy may not necessarily be very beneficial or advisable. Non-dischargeable debts include student loans, taxes, fraudulent debts, alimony payments, and child support payments. Filing for bankruptcy won’t dissolve any of those debts and will only make it difficult for you to secure credit in the future.

It’s been a year since the nation’s bankruptcy laws were overhauled. Since then, the number of people filing for bankruptcy has dropped off dramatically. But neither creditors nor bankruptcy attorneys expect the numbers to stay down.

Bankruptcy can help you get rid of the majority of your debts. However, certain debts are non-dischargeable. These debts include debts that aren’t listed in your bankruptcy filings, student loans, taxes, child support, others, and fines. The advantage of filing for bankruptcy is that it gives you more time to pay back your non-dischargeable debts.

Before filing for bankruptcy, consider hiring a qualified lawyer to assist you with your case. A good lawyer can take a number of the stress and worry out of filing for bankruptcy by answering your questions, finding ways to protect vital assets such as your house and car and handling paperwork on your behalf.

You may know a person who has filed for bankruptcy, and have found that the process is elaborate and complex. The information in this section has, hopefully, shed more light on the process of personal bankruptcy, so that you will be able to make an informed choice about whether bankruptcy is the solution to your financial woes.


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