subject: How To Deal With Filing Personal Bankruptcy [print this page] Are you thinking about personal bankruptcy information ? Do you happen to have a lot of debts that you want to take care of? There are many solutions available when it comes to debt issues, but there is always personal bankruptcy. It should of course be be reserved as a last resort, but it can be helpful if you have no other way out. Plus if you do file chapter 13 bankruptcy it will only effect you temporarily and not for the rest of your life.
Here is why you would want to go about filing personal bankruptcy:
1. First, if you have over $11,000 in debt and do not make at least $32,000 a year, then bankruptcy might be necessary.
2. However, if that amount of debt includes a vehicle you need, then bankruptcy might be a bad idea because you will have to turn your vehicle in.
If you could possibly risk going into foreclosure on your home, then chapter 7 bankruptcy means test might be able to help you out. You can clear up some of your other debts to free income to pay down your mortgage so that you do not lose your home. However, you need to be careful because if you have equity when dealing with personal bankruptcy law you may be asked to use it towards your debts.
Last point to consider is that if you have no other options you might want to consider filing personal bankruptcy. There are other options, that work for some people, but bankruptcy is necessary for those that are in way over their head. Usually if you have lost your job or something like a medical emergency happens, then you might be right for a personal bankruptcy.
