Bankruptcy: Top Five Reasons ? Cute Girl Hair Color Spa

A legal declaration that an individual or business can no longer pay their debts is known as bankruptcy. There are many causes why people would declare bankruptcy, and here are some of the top reasons:

1. Job loss ? One of the most common reasons people choose to go bankrupt is because a job loss. The current dire state of the economy has made a lot of people to leave their work, and therefore leaving them unable to provide for themselves and their family. Getting the pink slip may also mean losing insurance previously provided by their employer.

2. Medical bills ? Sometimes, loss of insurance, a terrible accident or unexpected illnesses can be enough reason for a person to file for bankruptcy. These days, medical costs are really high and could pile up to inconceivable amounts. Filing for Chapter 7 Bankruptcy can greatly cut or even completely eliminate these debts.

3. Preventing repossession of properties ? If your home, car, or other highly valuable possession of yours is being repossessed, filing for Chapter 13 bankruptcy could force the creditor to return said items to you. After this, your past missed payments will be merged into your bankruptcy plan. You will no longer pay to your creditors, but to your trustee instead. In turn, they will pay the finance company for you.

4. Stop home foreclosure and catch up on missed mortgage payments ? Filing for Chapter 13 Bankruptcy won?t eliminate your property mortgage, but it will stop foreclosure before bidding or sales can occur. It will then let you to repay your mortgage arrears, or the mortgage amount left.

5. Stop harassing calls and behavior from creditors ? More often than not, creditors tend to do debt collection in an unpleasant manner. Their abusive and oftentimes annoying behavior is very unneeded, and in fact, unethical. Filing for bankruptcy can put a stop to the demands of many creditors, thus ending the many harassing phone calls and bad behavior.

There are many other reasons to file for bankruptcy. Consulting the legal department is of course the best way to handle whatever bad financial situation you may have.

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