Bankruptcy Edmonton
Have you recently lost your job? If you have, you are like millions of Americans today and the economy has hit you hard
. Many businesses have gone out of business, making it a very difficult time to stay ahead when it comes to the area of your finances. This could be a great time to consider filing Bankruptcy Edmonton if you just can't pay your bills.
When you file bankruptcy Edmonton, you will have all your debt paid, and this will allow you to start your financial state clean. The process of bankruptcy is when the debtor can't pay their bills to the creditor. This will allow the debtor to be free of debt, but will also cause issues with the debtor's credit rating so this should be taken into consideration.
In the year 2012, the United States show at least 627,000 bankruptcies in the first six months of the year. This number was up greatly due to job loss as well as many other factors that will decrease the income of any individual. There are times in life when bills just can't be paid. However, this number was down significantly, in comparison to the same quarter in the year 2011, where filings were as much as 725,000. So according to this statistic, bankruptcy has declined in the last few months.
If you as an individual are considering filing bankruptcy Edmonton area, you should make a list of the pros and cons of both. This will allow you to make the most informed decision in order to choose wisely for yourself.
Pros of Filing Bankruptcy
1. The debt you have will be paid off. This will free you from any debt that you owed that was included in the filing of bankruptcy.
2. No more annoying phone calls from your creditors. This will allow you to be much less stress out when it comes to being in your home and enjoying the peace and quiet, rather than the calls that just keep on coming at all times.
3. Being able to relax, and remain stress free by not having to pay the debt off that worried you so each day. Financial stress can be very difficult to live with, and can really cause your health great stress as well.
4. You can hire an attorney to do all of the leg work and paper work for you. This amount that you pay the attorney can often be included in the bankruptcy Edmonton area. This will allow you to take it easy and relax while the bankruptcy is being taken care of by an attorney.
Cons of Filing Bankruptcy
1. Filing bankruptcy is very bad for your credit. When you file a bankruptcy, your credit rating will drop significantly, so you will want to be aware of this prior to doing so.
2. Bankruptcy can take years to recover from when it comes to your credit rating, as much as seven years. So, you should be warned about this, and take the time to make the decision that is best for you.
3. It may be difficult to borrow money for a long period of time after filing for bankruptcy so be sure to bear this in mind. If you need a loan, and do get it post bankruptcy, it is likely you will pay a much higher interest rate.
Spend some time considering the pros and the cons of filing for bankruptcy, then make the choice that is best suited for your individual financial status. The choice is yours to make and live with,so be sure you do your research.
by: Tyrion Lannister
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