Bankruptcy Filings Sky Rocketing To 1.4 Million

Sept. 27, 2010 - PRLog -- Latest In Bankruptcy Filings:
The recent recession has not only hit the common person but also the high flyers. The American bankruptcy institute has predicted that the number of personal bankruptcies may touch 1.4 million by Dec 31. The jobs are not only being lost but also very difficult to get.
The number of bankruptcy filing in July 2009 was more than 126, 000. This was 34% than the number in July 2008. This is because of sudden and steep increase in the number of personal bankruptcies.


Reasons For Filing Bankruptcy:
The major reasons for the rise in filing for bankruptcy are:

   * Loss of jobs
   * New jobs scarce and difficult to find
   * Pre-existing debts
   * Loss in business

Many people misunderstand bad credit refinance to be the ultimate cure for debt and thought to avoid bankruptcy. This is not true. Bad credit refinance can just provide temporary relief and shows the way to get rid of debt. It does not nullify debt. Many people, even the celebrities like Stephen Baldwin and Lenny Dykstra have filed bankruptcy.


Benefits Of Filing Bankruptcy:
Filing bankruptcy is not a derogatory act. It is just a means to convey to your creditors that you cannot pay them anymore. Some of the benefits of filing personal bankruptcy are as follows.

   * One can get rid of most of the debts. One can do it at one go or in installments.
   * Stops property foreclosure of the residence
   * This puts a halt on the collection process and calls made by the creditors and collection agencies.
   * The basic utilities are protected from being cut off
   * The debtor is saved from wage garnishment.
   * This offers a chance to the debtor to contest the claims of the creditors in the court.
   * Bankruptcy offers freedom from mental stress to respond to the creditors or the collection agents.

If the celebrities do not find the act of filing bankruptcy not a demeaning act then why should the common person feel so? There are some big businesses identities that have filed business bankruptcy. As mentioned earlier there is nothing illegal in filing bankruptcy. Moreover, there are many people who are hit by the recession and have to file for bankruptcy.


Nows the right time:
This could be the right time to file for bankruptcy provided you take some precautions like

   * Not taking the services of embezzling finance companies and agents,
   * Taking the help of genuine and experienced bankruptcy filing expert attorneys, and
   * Going by the word of mouth reference from your professional and social acquaintances

One should seek Chapter 7 bankruptcy Information and Chapter 13 bankruptcy Information from reliable source.



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