Life is unpredictable. Often times, the financial security we expect to reach as we pursue various avenues doesn’t always come to fruition. At this point, many people may find themselves in a debt that seems unmanageable. Fortunately, there are legal avenues that one can pursue to alleviate this burden and get your personal finances back to a manageable position, including bankruptcy.
A person can find themselves in a position of financial distress for a variety of reasons. Unexpected medical expenses, prolonged unemployment, or a piling up of student loans are all common reasons one could find themselves in financial trouble. Often times, a person or business can manage their debt themselves, and years of work can restore them to a financially stable place without legal intervention. This is a viable option for many people, and often debt is resolved individually. However, for some, their debt can feel unmanageable. They know that they will not be able to get out from under their debt, and for them, the financial burden is only increasing as time goes by. If this is the case, that pursuing legal avenues including filing bankruptcy could be the best option to restore their finances to a manageable state.
Bankruptcy can be defined as the official establishment of a legal status of a person or business that they cannot repay their debts in their current financial state. This process is not meant to indict the insolvent entity, but rather focused on restricting their financial organizational structure to restore their finances to a manageable place.
There are many different avenues to pursue when considering bankruptcy, including: Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, foreclosure, and debt negotiation. These options can be the first step on a person or business road to financial rehabilitation.Read More