The problem with the economy in the United States today isn't that it is bad. The real problem is that the "experts" and our elected officials don't seem to have any idea how to turn the economy around. The other thing that is weighing heavily on everyone's mind is "when is it going to stop. If we could see the light at the end of the tunnel, perhaps we could better plan our future. Should I declare bankruptcy? I happen to live in Plano Texas. Should I go ahead and contact a Plano bankruptcy lawyer or just a Plano debt relief company? The monetary decisions that we make today under this economic cloud will have long term effects on every aspect of our financial life.
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I heard a talking head on the television state that although this may not be the worst time in America's economic history.... it is the worst time in OUR economic history. I believe that is true. It hurts more because it is happening to you, now. I cognitively know that the Great Depression was worse. Perhaps even the 1970's were worse. But this feels just as bad because it is affecting us today. It isn't something we are reading about in the history books. The uncertainty is the worst.
In its simplest terms, bankruptcy is an opportunity based on the United States Constitution and the laws passed by Congress. Bankruptcy adjusts the relationship between you, the debtor, and your creditors. Many of your debts will be forgiven. You will be permitted to keep some things known as exempted property. The rest of your items will be sold and the cash earned goes to pay off your debts. Your creditors may receive nothing, a small amount, or be paid off in full. The proceedings occur in federal court. It can be a very long, confusing and sad time. It is important to get legal representation.
The reasons people declare bankruptcy are varied. They may have acquired large medical bills, have large credit card debt, divorce debt, housing problems (sub-prime lending issues). Often, bankruptcy is a way to buy time if one is endangered of having his home foreclosed upon or car repossessed while they get current with their payments. It is important to realize that bankruptcy will stay on your credit report for a decade. It will make it difficult or very expensive to get credit in the future. Once you have filed for bankruptcy, you are not able to file again for six years. Also bankruptcy is not free. You will have to pay court costs, lawyer fees along with many other types of fees. It seems they should cut you a break in your most vulnerable time, but they don't. Bankruptcy is a booming business and a lot of people make a lot of money off it.
You must be very careful to avoid credit repair scams. Unfortunately, because "debt" is such a big business, many people will try to scam you. They offer help in all forms, but in the end they only take more of your money. Be sure to only work with accredited debt consolidation, credit counselors or attorneys. It is awful that people prey on others in their time of need, but they do. The absolute best thing to do set up a meeting with a professional, bring all your information and get to the bottom of the problem. Things probably are not as bad as you think. Bankruptcy should be a final answer.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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