Friday, April 23, 2010

Thnking About Filing for Bakruptcy

Welcome to my Blogsite!

If you are reading this blog, you are probably exploring ways to improve your financial situation. Many people today have lost one of their jobs, or the one job they had. Others have seen their full time jobs reduced to part time employment. Some have experienced health problems and, not having health insurance coverage, they have spent their savings on medical treatment. There are many different ways someone can experience financial distress.

Misery loves company, they say. But it is hard to find consolation in being one among many who are unable to pay their debts and are having trouble covering their basic necessities. Like most people, you want to make your payments on time, and you do not want to deal with collection agencies on the phone.

If you are in a dire financial situation, you could probably find relief by filing a petition for bankruptcy. Individual consumers often seek protection under Chapter 7 of the Bankruptcy Law. To qualify under Chapter 7, your income must be insufficient to pay for your monthly expenses. There are many other issues that require consideration and the particular circumstances of your case will determine whether or not bankruptcy is the answer to your problem.