DOLLARS & SENSE
Tips for considering bankruptcy
posted by Ka Lee Angel Lee
Monday, September 14, 2009
W hen should one file for bankruptcy, what is protected and how do you go about it? Unfortunately, there is no formula, but an overall position of being financially stuck with no end in sight from consumer and medical debt is a starting point.
A readily apparent trigger is being consistently behind on mortgage payments while facing the threat of foreclosure. A more subtle one is only being able to make minimum payments on unsecured credit cards and other debts.
W hen should one file for bankruptcy, what is protected and how do you go about it? Unfortunately, there is no formula, but an overall position of being financially stuck with no end in sight from consumer and medical debt is a starting point.
A readily apparent trigger is being consistently behind on mortgage payments while facing the threat of foreclosure. A more subtle one is only being able to make minimum payments on unsecured credit cards and other debts.
I think that this article is very interesting and can be very useful for people coping with the economy today...several people are strapped for money and filing for bankruptcy may be a viable option temporarily until they can regain their financial status
ReplyDeletePosted by: Christina Dove