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The Process of Bankruptcy
Author: Jeremy Maddock
Put simply, bankrupcy is
the point at which a person's debts and obligations outweigh
their total assets, and they have no ability to pay off the debt.
In such a situation, one must enter bankruptcy proceedings,
which will result in all their assets being frozen, liquidated,
and fairly distributed amongst creditors.
It is important to remember, however, that opting for bankruptcy
is a very major decision, and one that should not be taken
lightly. Declaring bankruptcy can severely damage your credit
rating, and make it significantly harder to fix bad
credit in the future.
Before making the decision to declare bankruptcy, it may be a
good idea to consult a licensed credit
counciling agency.
About the author:
Jeremy Maddock is the webmaster of FinanceFacts.info, a useful
source of finance
articles.
Article Keywords:
Bankruptcy |
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A Quick Note
From The Publisher...
If you like the article above, you may be
interested in the following article which is also related to Bankruptcy...
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Buying A Home After Bankruptcy - How Long Should You Wait To Buy? |
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Individuals interested in purchasing their own home strive to
maintain a positive credit rating. This is achieved by paying
bills on time, having a low debt to income ratio, and so forth.
Nevertheless, several lenders are eager to offer home mortgages
to individuals with bad credit. These mortgages have a higher
interest rate, which increases the monthly payment. Although a
mortgage may be attained with bad credit, the course of action
is slightly different for individuals who have filed bankruptcy.
Two Types of Bankruptcies
There are two types of bankruptcies. A chapter 7 bankruptcy
involves complete liquidation in which debts do not have to be
re-paid. On the other hand, a chapter 13 bankruptcy entails
repaying a portion of the debt over a fixed period. For the most
part, a bankruptcy should be the last alternative, and not a
quick fix to credit problems. Many explanations cause a person
to file bankruptcy. These include excess credit card and
consumer debt,... |
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Bankruptcy, Filing Bankruptcy News |
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