For a lot of people, life happens. Things that were supposed to materialize turn to dust or unplanned events become a major expense that will take years to pay off in full. What a lot of people do not realize is that anyone may find themselves in a position where filing for personal bankruptcy is the only option for restructuring finances and planning for the future.
Every so often someone may hear of their friend getting turned down for a job because they recently filed for Chapter 7. What some employers fail to realize is that going into some level of debt is common. If the friend was laid off from their job and found themselves having to change careers, they may have needed to take out a loan to return to college or other educational institution.
While some people do have problems managing their funds, whether they are a millionaire or just getting by, this does not make up the majority of cases. Many who go into show business may find that they signed a contract that does not work in their favor. Although a secretary or wait staff may not have this concern, having a major medical expense may impact their livelihood.
Accidents, garnishments, and lawsuits can also happen to freelancers and small business people who may be somewhere in the middle when it comes to their money. This group of people may not be eligible for public assistance but may find themselves homeless if they were to try to pay their bills after taking a large hit. Filing for chapter 7 or 13 is the only option for these people to survive and rebound to their former glory.
There are also events that are way out of control for anyone, like getting into an accident and not being able to work for months. Medical expenses can wipe out anyone who does not have above average health benefits. Those who are considered middle or working class may make too much money to qualify for public assistance.
However, this is a group that tends to be targeted by predators that make outrageous claims. It is public knowledge that filing may cause credit rating scores to drop. The average person may choose to avoid bankruptcy entirely but the older the case, the less likely a person is to be discriminated against by a creditor or future employer.
In situations where money is tight, someone may also sell a service that allows the average person to file without an attorney. While this is not against the law, it is not advisable for everyone. One reason is that bankruptcy laws vary by the state and one detail, such as personal assets, can play a big role in the declaration being approved by a higher court.
Learning about personal finances can be interesting for some but it helps to know the basics before entering into an agreement. There are some people who bank on those who may have a lack of knowledge and will believe any kind of miracle cure for monetary problems. These are the same people who also find that it cost them more money to pay for these fast solution rather than seeing an expert.
Every so often someone may hear of their friend getting turned down for a job because they recently filed for Chapter 7. What some employers fail to realize is that going into some level of debt is common. If the friend was laid off from their job and found themselves having to change careers, they may have needed to take out a loan to return to college or other educational institution.
While some people do have problems managing their funds, whether they are a millionaire or just getting by, this does not make up the majority of cases. Many who go into show business may find that they signed a contract that does not work in their favor. Although a secretary or wait staff may not have this concern, having a major medical expense may impact their livelihood.
Accidents, garnishments, and lawsuits can also happen to freelancers and small business people who may be somewhere in the middle when it comes to their money. This group of people may not be eligible for public assistance but may find themselves homeless if they were to try to pay their bills after taking a large hit. Filing for chapter 7 or 13 is the only option for these people to survive and rebound to their former glory.
There are also events that are way out of control for anyone, like getting into an accident and not being able to work for months. Medical expenses can wipe out anyone who does not have above average health benefits. Those who are considered middle or working class may make too much money to qualify for public assistance.
However, this is a group that tends to be targeted by predators that make outrageous claims. It is public knowledge that filing may cause credit rating scores to drop. The average person may choose to avoid bankruptcy entirely but the older the case, the less likely a person is to be discriminated against by a creditor or future employer.
In situations where money is tight, someone may also sell a service that allows the average person to file without an attorney. While this is not against the law, it is not advisable for everyone. One reason is that bankruptcy laws vary by the state and one detail, such as personal assets, can play a big role in the declaration being approved by a higher court.
Learning about personal finances can be interesting for some but it helps to know the basics before entering into an agreement. There are some people who bank on those who may have a lack of knowledge and will believe any kind of miracle cure for monetary problems. These are the same people who also find that it cost them more money to pay for these fast solution rather than seeing an expert.
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