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by Misty Weaver-Ostinato
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Filing
Bankruptcy
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 bankruptcy.
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.
Most
people 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 unbearable.
Considering
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 as possible.
Stress
caused 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.
Making
the 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.
Copyright
2003 - BankruptcyFormProcessing.com - Let our paralegals help you file
bankruptcy for less, http://www.BankruptcyFormProcessing.com
Keywords: money, credit, bankruptcy, debt
About
the Author
Misty Weaver-Ostinato,
Cross Junction, VA 22625
mweaver606@aol.com
http://www.womens-finance.com
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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