When you declare bankruptcy, you are "declaring" that you are financially insolvent. Most people recognize the signs of financial problems when they experience it—being behind on bills, threats of foreclosure, lawsuits, and repossessions, being unable to afford the necessities of life because of credit card obligations, etc., all point to a bankruptcy declaration. Unfortunately, part of the bankruptcy declaration is the acknowledgment that you don't earn enough income to make things right.
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According to the experts, it costs approximately $31,000 per year to house a prison inmate. To recover some or all of that money, some states have begun charging inmates for their room and board. Unfortunately, this often leads to many people leaving jails and prisons burdened with debt that makes near impossible to successfully reintegrate into society. Luckily, incarceration debt can be successfully discharged in bankruptcy. Here's what you need to know.
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When you reach a point where you're overwhelmed with debt that you can't keep up with, bankruptcy is an option that you have to consider. For some, bankruptcy is the best option. However, many consumers don't realize that bankruptcy isn't their only option. Debt settlement and debt consolidation are two other options that are commonly utilized by consumers who are facing overwhelming debt. Take a look at some of the pros and cons of debt settlement, debt consolidation, and bankruptcy so that you can determine which one is right for you.
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Bankruptcy no longer requires filers to actually show up in a formal courtroom setting, but the creditor's meeting comes pretty close to that. This meeting is less formal and intimidating than court, and it serves several purposes. If you have property that you wish to keep but still owe money on you might be able to do so at the creditor's meeting. Read on to learn more about reaffirmations.
Creditor's Meeting Happenings
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Although you have an obligation to pay your debts, there are times when this is not likely to happen. Recognizing this situation will allow you to take that important first step and consult with a bankruptcy attorney. The following are three examples of situations when you should consider filing for bankruptcy.
You can only make the minimum payment on your credit cards
When you are near the maximum balance on your credit card, most of your payment each month will go towards interest.
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