Filing for Bankruptcy More of an Obstacle Than Ever


Bankruptcy laws

With the ever changing bankruptcy rules and bankruptcy laws, it is nearly impossible to keep abreast of all the nuances in the practice, unless you are a lawyer well specialized in the field. Bankruptcy law is much tougher on those filing for bankruptcy related to real estate or student loan debt than in previous years.

Nearly 1.7 million American households filed for bankruptcy in 2013. Accounting for 60% of all bankruptcies are medical bills. Medical bills are the source of financial stress for nearly 10 million Americans on an annual basis, in one way or another. About 10% of these consumers will be pushed over the financial edge and forced to file bankruptcy.

Also if you are struggling to make ends meet because of unemployment, you are not alone. Having diminished or no source of income makes adequately paying bills nearly impossible. And when you fall behind on your bills, sometimes there is no catching up. Almost 22% of bankruptcy filings in the United States are related to unemployment.

And you have been an over spender with those credit cards, and can’t find your way out of revolving consumer debt, bankruptcy may also be your only answer. Again, because of the more stringent guidelines and bankruptcy rules, judges are not as compassionate for credit card debt related bankruptcy filings, as only an estimated 15% account for this kind of debt.

When searching for the right consultation to represent your bankruptcy case, there are free consultation lawyers to help keep your costs low through the bankruptcy process. You may also want to research customer testimonials when considering your bankruptcy attorney.

When you file for bankruptcy, you are surrendering any chance of using or building credit for at least 7 years. But a bankruptcy lawyer can furnish you all the restrictions, repercussions and bankruptcy rules regarding your specific bankruptcy filing. Top bankruptcy lawyers ease your stress and fear from bankruptcy, thoroughly and accurately take care of all your paperwork and, ideally, successfully representing your financial situation in court. Read more articles like this.

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