Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Fiction About Bankruptcy and Its Consequences

By Rob Nichols Subscribe to RSS | January 25th 2012 | Views:
loading
 
  



In the tough economy, homeowners constantly worry about making payments on their house, and the threat of the bank foreclosing on a home constantly looms overhead, especially when folks start to lose a bit of their income. For most Americans, if the bank were to foreclose on their home, it would be seizing their single most valuable piece of property and severely harming their prosperity. The word “bankruptcy” even has a negative connotation, but some individuals misinterpret the way the process works and even the severity of the consequences. Individuals contemplating filing may want to sort out the facts before they get scared into believing that bankruptcy is some terrible method of eliminating debt.

Facts Vs. Fiction

One false concept is that when filing for bankruptcy, both spouses must file in order to eliminate their debt, but really, only the individual with the most debt must file. It is completely false that couples must file together, and it is often more advantageous if only the person with debt petitions for bankruptcy to minimize the amount of debt that’s causing credit headaches. Finalizing the paperwork and employing a lawyer to file and counsel you on decisions for bankruptcy takes about six months or less, but people believe the process takes much longer. The processing time is the same, no matter if you contract with a Norwalk or a bankruptcy attorney in Woodland Hills to help you complete the claim.

If someone follows the set plan laid out by the courts and continues to exercise responsibility with his finances, he can easily fix his credit score in under ten years, but a normal misconception is that anyone who files can never straighten out his score. Yes, a bankruptcy blemish will show up on your credit history for up to ten years, but that does not mean that you cannot still straighten out your score by making all your required payments and managing your money correctly.

General Differences Between Chapter 7 and 13

A person who decides to file for bankruptcy will do so under either Chapter 7 or 13 depending on the kind of situation he is in. Individuals who have meager assets may want to file for Chapter 7, but someone with a steady income will be encouraged to file for Chapter 13 instead. Of course, any and all questions you may have in regards to bankruptcy can be resolved by any lawyer, from a Norwalk to a bankruptcy attorney in Thousand Oaks.

Rob Nichols - About Author:
Rob R. Nichols is a bankruptcy attorney in Woodland Hills serving the San Fernando Valley. Nichols is a great bankruptcy attorney in Thousand Oaks with fees as low as $895.00.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/finance-articles/fiction-about-bankruptcy-and-its-consequences.htm

Related Finance Articles Subscribe to RSS

Bankruptcy law attorney California – Some typical facts
Published by Jonathan Panossian on February 13th 2012 | Finance
California bankruptcy laws permit the use of central supplemental exclusion in combination with Cali...
 
How to settle your attorney debts
Published by Rajkumar Kaushal on May 12th 2012 | Finance
Debt settlement attorney for debt settlement is the debt settlement that has become famous for Law e...
 
Debt settlement through bankruptcy
Published by Govindsingh on June 26th 2012 | Finance
Bankruptcy has become what those down in debt and cannot pay make use of in starting over again. Wit...
 
The Benefits of Financial Advice Leeds
Published by Fredrick Gavin on August 24th 2012 | Finance
You work hard for your money and you therefore need to ensure that you properly manage it so that yo...
 
The Benefits of Financial Advice Leeds
Published by Fredrick Gavin on August 24th 2012 | Finance
You work hard for your money and you therefore need to ensure that you properly manage it so that yo...
 
Pensions in Leeds
Published by Fredrick Gavin on August 24th 2012 | Finance
Pension is a money received after retirement or end of a work agreement. It is mostly associated wit...
 
Pensions in Leeds
Published by Fredrick Gavin on August 24th 2012 | Finance
Pension is a money received after retirement or end of a work agreement. It is mostly associated wit...
 
Pension in Leeds
Published by Fredrick Gavin on August 24th 2012 | Finance
Leeds has many financial advisors especially those dealing with pension. Pension is very important e...
 
Pension in Leeds
Published by Fredrick Gavin on August 24th 2012 | Finance
Leeds has many financial advisors especially those dealing with pension. Pension is very important e...