A Close Look at Personal Bankruptcy

By: Joesph Doyle

The economy has taken a big dive over the past year and it caught a lot of people off guard owing on debts while their income dropped. For people with jobs in businesses that are vulnerable to recession such as construction, real estate or car sales, the effects have been more profound and immediate.

Bankruptcy is one option that many people consider but it should always be a last resort, because it's not as easy as it used to be to escape paying debts, because of recent changes in the laws covering bankruptcy. You really do want to preserve your credit rating so it will be there for you when the economy comes around and having a bankruptcy on your record will poison your chances of a clean rebound.

You need to get real about your personal life, because if you look back you are in debt because you borrowed a bunch of money that is now gone. If you are living with a partner that refuses to reign in their spending and is relying on you to cover for them let them know that times are changing and if they don't clean up their act, then they can hit the road.

If you're short on capital you might be better off single anyway, because it's far easier to pull one person out of a hole then it is to pull two out. Many a person has been led to financial ruin by thinking with their heart rather then their head. If you are gambling now is the time to stop, because it is just the same as putting your money down a toilet. One thing that you should do is to contact a qualified credit councilor and listen to their advice as they will have the experience in dealing with people like you that are having financial problems.

Bankruptcy
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