by Misty Weaver-Ostinato
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More Details at: http://www.bankruptcyformprocessing.com
It's a tough
choice, no matter what the law makers and credit card companies want us to think. The majority of people who file bankruptcy
each year, over 1.5 million people filed in 2002, do so due to loss of employment or serious medical issues. Less than 9%
of bankruptcies are filed for other reasons. Unemployment rates are at the highest rate we've seen in decades and the number
of uninsured working families is growing at the same time - this means several of you reading this article are probably considering
So how do
you decide if you need to file bankruptcy? There are several factors to consider including your debt levels, current income,
how far behind you are on payments, and the amount of stress that your financial problems are causing.
who file bankruptcy have debt levels over one and a half times the amount of their salaries, with short payment terms and
high interest rates. When faced with unemployment or prolonged health issues and medical bills, these debt levels are simply
how far behind you are in payments is essential when deciding to file bankruptcy, especially if you are a home owner. In most
cases, forclosure can be started when you are just two months behind in your mortgage payments. Other debts like credit cards
also start adding on hefty late fees, which could also take you over your credit limit triggering more fees, adding dramatically
to your debt levels. By researching your choices immediately you will have the best chance of saving as many of your assets
by your financial problems is often more overwhelming than your actual debts. Dealing with creditors calling, mounting debts,
fears of losing your home, or worse, can leave you unable to cope with normal daily life, and even cause more health problems
such as depression. Bankruptcy filers often feel better after just making a decision because they are able to start planning
their life again. They can see the steps that need to be done to rebuild their credit, without having to answer the phone
with a feeling of dread anymore.
final decision to file bankruptcy is very hard, and there are lasting effects on your credit. But chances are, if you are
considering bankruptcy, and have exhausted other options like credit counseling, your credit has already been affected, and
bankruptcy can put you back on track.
2003 - BankruptcyFormProcessing.com - Let our paralegals help you file bankruptcy for less, http://www.BankruptcyFormProcessing.com
Keywords: money, credit, bankruptcy, debt
Misty Weaver-Ostinato, Cross Junction, VA 22625
Misty lives in Northern Virginia with her husband and two young children. She is President of Motherhood Media, Inc. which
currently runs http://www.womens-finance.com and http://www.momslongdistance.com.
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