bharatbhasha.com
Free Articles  >>  Legal >>  Page 218  >> 

Debt Crises Need Expert Attention If The Debtor Wants To Survive





Because of the enormous economic downturn that the whole world experienced in the last couple of years, more and more people are finding themselves up against the wall when it comes to debt. Indeed, what most of them want is to just pay off what they owe but they often find this too difficult. In times of stress like this, it may be wise to contact a bankruptcy lawyer to see what advice he can offer. Indeed, bankruptcy attorneys are well-versed in this kind of litigation now because so many people are finding themselves in difficulty.

It used to be that we got a mortgage quite easily, with payments being easy to meet every month. Then came a kid or two and life was a little more difficult because of the added expense. What really rocked the boat in the last few years though was the global economic downturn that seemed to catch even the richest nations by surprise.

Indeed, in the US, house prices have done a complete nose dive and people are now finding out what negative equity really means. That is, they have a house that is worth less than they borrowed, and they may also be out of work or on short time which means that their income is deflated. This means that they cannot sell the house, since most people are in the same kind of problem, and even if they did sell, they would still have a debt to clear. Plus they would not have a house to put the family in either. Add to this the seemingly unending credit card debt which people have gotten too used to and one can see how the mess builds up into a debt wave that could see us all floundering in future.

When creditors start to get impatient with us they often resort to harassing letters and phone calls to try to retrieve what they are owed. This can escalate into sending people to the home too and this not only gets embarrassing, it gets downright scary as well. Some heavy handed debt collectors threaten all kinds of action and right there on the doorstep where the family and neighbors can hear everything that is going on. One way out of this, and this takes the help of experts to lead the way through the courts, is to file for Chapter 7 or 13. The first is a way of wiping off credit card debt completely, while the second allows for debts to be joined together and paid once every month.

Of course, the debtor must meet certain criteria to apply for this kind of way out and these are quite stringent. Not only will he have to undergo a quite serious and deep means test, he will also have to cut out any payments for his weekly budget which are not absolutely necessary. Then, and only then, will he be allowed to file for one or the other option. This option is only available once every eight years so it is not something to be taken lightly for sure.


About Author Stewart Wrighter :

Stewart Wrighter recently spent time researching bankruptcy with the help of a Columbus Bankruptcy lawyer. For more information on bankruptcy lawyers go to <a href="http://www.srneedleman.com/" target="_blank">http://www.srneedleman.com/</a> .


Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/legal.php/293162


Article Added on Saturday, April 30, 2011
LD
Other Articles by Stewart Wrighter

Bankruptcy Can Be Avoided If Expert Help Is Sought
The one thing that most people absolutely hate about drowning in debt and that is the thought of failing to meet expectations. Those who have juggled their money around to try to pay everyone who is demanding payment have often failed to meet the deadlines of creditors. When this happens they often feel too pressurized and want to seek out the services of a bankruptcy attorney so that they can get some relief from the constant harassment. A bankruptcy lawyer will certainly be capable of...

What You Should Know Before Filing For Bankruptcy
If your finances are in danger, do not panic. Before you go off in search of a bankruptcy attorney, there are a few things you should come to understand about this particular problem. While the following information is in no way meant to stand in for legal advice, it is a good idea to get a general idea of the basics before seriously considering the assistance of a bankruptcy attorney. Bankruptcy is a federal court proceeding -- one which seeks to liquidate a debtor's assets and relieve the...

Crippling Debt Relief By Consulting The Experts
The crippling thing about debt is that very often, the person who has run up the debt may have been trying to make life better for himself and his family. It is often thought that the average employed person is just two pay checks away from living in the street. This is an appalling mental strain for those who have children, or who have other commitments, but add in workers in a company that is going down and the whole scenario gets worse. For those who need help in finding an expert to get...

Losing The Home May Not Always Be Necessary
It used to be that once someone found themselves drowning in debt, they would have to give up all they had to pay off those debts. Even their homes would be put at risk and the shame of having to give up what was worked so hard for was enough for anyone to give up the ghost completely. However, these days, there are some remedies which can be taken advantage of before resorting to this level. This is where a bankruptcy attorney will be able to advice on the next move. A bankruptcy lawyer...

Tax Problems Need Experts To Find A Solution
For most of us, paying our taxes in full and on time is done automatically. However, there are those who get themselves into some serious trouble by not fulfilling what the taxman wants, when he wants it. For these people, litigation is bound to follow unless they make arrangements with the tax office to settle all outstanding bills. One such compromise is an offer in compromise (OIC), while other includes IRS wage garnishments (WG). An OIC is something which has to be agreed upon with the...

Debt Is A Killer So Getting Help Is Important
It is a sad state of affairs but many people these days are ending up severely in debt with nowhere to turn but the courts. When debt becomes too much, they often just want to run away and not deal with the problem at all. However, there is help at hand with a bankruptcy lawyer who will be able to guide the uninitiated through any problems that may be encountered. Indeed, bankruptcy attorneys will certainly know how to deal with any problems that a debtor has and may just be able to get...

Crippling Debt Can Bring People To Their Knees
With the global economic downturn that the world has been experiencing, it is no wonder that more and more people are finding themselves unable to pay necessary bills. Indeed, so bad has it become that some people are going into insolvency and losing everything that they have worked so hard for. At times like this it is vitally important to get hold of an expert to try to salvage at least something from the mess. Try looking up 'bankruptcy attorney' or 'debt relief' online to get some idea...

The Importance Of A Budget
Getting yourself stuck in debt is one thing. It is way easier to do that then to get yourself out of it. If this has happened to you, do not completely panic because there are ways to get yourself out of the mess. There are ways to avoid getting into debt and if you follow the simple rules, you will live comfortably no matter how much you make and will not have to deal with money problems. If at some point you cannot handle it anymore or there is an emergency and you go into way too much debt...

Expert Help Needed When Families Fight
Although much is said about relationships that do not work out right, it is when people get angry and cruel when things start to go terribly wrong. In temper many people do and say things that they do not mean but this is often enough to tip someone else over the edge. When this happens, it is only a matter of time before the police are called in, either by other family members or by the neighbors, and then it is too late to stop this particular case from ending up in the courts. However,...

The Way Out of Debt Does Not Have to Be Bankruptcy
Whenever anyone has a problem with money, they often do not know which way to turn. Sometimes they start to sell everything and then they end up losing their most prized possessions. But when this problem occurs, people should certainly find the services of a bankruptcy lawyers can be helpful. A bankruptcy attorney will have the knowledge to guide the troubled person through the maze of problems. There are several things that could happen when someone falls foul of debt. The government put...

Click here to see More Articles by Stewart Wrighter
Publishers / Webmasters
Article ID: 293162
DELINK URL from Authors Bio
REMOVE Article
Tell A Friend
Leave A Comment!
Download this article in PDF
Report Article!
Search through all the articles:


267 Users Online!!
Related Articles:
Latest Articles:
 
Legal >> Top 50 Articles on Legal
Category - >
Advertising Advice Affiliate Programs Automobiles
Be Your Own Mentor Careers Communication Consumers
CopyWriting Crime Domain Names DoT com Entrepreneur Corner
Ebooks Ecommerce Education Email
Entertainment Environment Family Finance And Business
Food & Drink Gardening Health & Fitness Hobbies
Home Business Home Improvement Humour House Holds
Internet And Computers Kiddos and Teens Legal Matters Mail Order
Management Marketing Marriage MetaPhysical
Motivational MultiMedia Multi Level Marketing NewsLetters
Pets Psychology Religion Parenting
Politics Sales Science Search Engine Optimization
Site Promotion Sports Technology Travel
Web Development Web Hosting WeightLoss Women's Corner
Writing Miscellaneous Articles Real Estate Arts And Crafts
Aging


Disclaimer: The information presented and opinions expressed in the articles are those of the authors
and do not necessarily represent the views of bharatbhasha.com and/or its owners.


Copyright AwareINDIA. All rights reserved || Privacy Policy || Terms Of Use || Author Guidelines || Free Articles
FAQs Link To Us || Submit An Article || Free Downloads|| Contact Us || Site Map  || Advertise with Us ||
Click here for Special webhosting packages for visitors of this website only!
Vastu Shastra

Economy Linux Hosting with cPanel Provided By AwareIndia







Company IDS