Comments on: Tips to avoid bankruptcy http://www.financenewspro.com/tips-to-avoid-bankruptcy/ Professional Finance News And Articles Thu, 17 May 2012 16:26:17 +0000 http://wordpress.org/?v=2.3.1 By: 1Clickbankruptcy.com http://www.financenewspro.com/tips-to-avoid-bankruptcy/#comment-2087 1Clickbankruptcy.com Mon, 29 Mar 2010 22:54:30 +0000 http://www.financenewspro.com/tips-to-avoid-bankruptcy/#comment-2087 If you are consitering filing a Chapter 7 bankruptcy, the only way you could lose any personal belongings or household goods is if either of the following conditions apply: You do not totally own the personal belongings or household goods because you are still making payments on them. (Example: appliances or furniture purchased on credit.) In this case, if you want to keep the item, you can "reaffirm" the debt if you have enough money per month to keep paying the bill and are current on your payments. All states have exemption laws that allow a debtor to keep much if not all their pesonal property. Some states also allow you to take federal exemptions which may offer more protection for your property. If you are consitering filing a Chapter 7 bankruptcy, the only way you could lose any personal belongings or household goods is if either of the following conditions apply:

You do not totally own the personal belongings or household goods because you are still making payments on them. (Example: appliances or furniture purchased on credit.) In this case, if you want to keep the item, you can “reaffirm” the debt if you have enough money per month to keep paying the bill and are current on your payments.

All states have exemption laws that allow a debtor to keep much if not all their pesonal property. Some states also allow you to take federal exemptions which may offer more protection for your property.

]]> By: Joe http://www.financenewspro.com/tips-to-avoid-bankruptcy/#comment-1342 Joe Tue, 14 Oct 2008 14:18:21 +0000 http://www.financenewspro.com/tips-to-avoid-bankruptcy/#comment-1342 I think the key to avoiding bankruptcy for most people is to reign in their spending habits early on. Once the beast grows well out of proportion to the ability of the consumer to repay, I'm not sure one is helped all that much by staying out of bankruptcy. Once your debts exceed your ability to pay and you start falling behind, your credit rating plummets. The next step is for your debts to wind up in the hands of a collection agency. Another blow to your credit rating. The final step short of bankruptcy is for creditors to obtain judgment against you. A debt judgment on one's record is as damaging as bankruptcy from a credit rating standpoint. Perhaps the social stigma of bankruptcy is avoided but I believe debtors come out better via the discharge given in bankruptcy (assuming your debts are not of the nondischargeable type such as certain tax debts, student loans, child support) as opposed to just allowing the judgments to pile up and dodging the collectors. I think the key to avoiding bankruptcy for most people is to reign in their spending habits early on. Once the beast grows well out of proportion to the ability of the consumer to repay, I’m not sure one is helped all that much by staying out of bankruptcy. Once your debts exceed your ability to pay and you start falling behind, your credit rating plummets. The next step is for your debts to wind up in the hands of a collection agency. Another blow to your credit rating. The final step short of bankruptcy is for creditors to obtain judgment against you. A debt judgment on one’s record is as damaging as bankruptcy from a credit rating standpoint. Perhaps the social stigma of bankruptcy is avoided but I believe debtors come out better via the discharge given in bankruptcy (assuming your debts are not of the nondischargeable type such as certain tax debts, student loans, child support) as opposed to just allowing the judgments to pile up and dodging the collectors.

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