With the state of the economy the way it is right now, more Americans are facing bankruptcy than ever before. I do no think that there is anyone who really wants to deal with this situation. Unfortunately though, many people do find themselves in a situation where bankruptcy seems like the only feasible way out of the situation. Bankruptcy laws have changed a few times in recent years. A few years ago you could file and all of your debt would just be wiped out, and then after 7 years it would all be off of your credit report. Sadly, this is no longer the case.
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Story About A Friend of Mine
I have a close friend of mine who has just gone through this in Allentown PA. He had been a metal worker at a local sheet metal for the last 9 years and had bought himself a modest home. Recently though he had been hit with some tough bills. Some of the pipes in his house had frozen and he had to pony up about 8 grand to get everything fixed and working properly again.
If this wasn't bad enough about a week later the transmission went out on his family's Grand Caravan. This cost him about another 1500 dollars to get fixed. He had no choice but to put a lot of this on his credit cards which he intended to pay back. However, about 2 months later he had been laid off from his job at the sheet metal company. With the economy in rough shape he had to take a job making about 10 bucks an hour which was way less than he had made at his previous job.
Due to all of this happening he had to foreclose on his home and become buried in the credit card debt. With not a lot of options left he was forced to file bankruptcy. With the legal help though he was able to start rebuilding his credit and is looking at buying another home now that the houses are so cheap.
The Current State Of Bankruptcy
A few years ago you could file and all of your debt would just be wiped out, and then after 7 years it would all be off of your credit report. Sadly, this is no longer the case.There are certain items that may not drop off just because your file. There are also a lot of other repercussions that may take place because of this.
These laws however, do vary greatly depending upon what state you live in. To determine what the best course of action is going to be for you and your family you really not to consult with an attorney who can tell what advantages and disadvantages are going to be for you.
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