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Is it Time to File Bankruptcy?
Wednesday March 18th, 2015
Uncategorized

debt Most people’s impressions of bankruptcy include negative connotations. However, over 1 million people file for bankruptcy every year. Bankruptcy is a legal process where a debtor reorganizes debt through the division of assets. Every individual’s financial situation is different and they have their own considerations when they choose to file bankruptcy. Concluding if bankruptcy is right for you may be your best first step. Citizens Law Group LTD. can help you make that decision. Bankruptcy may be right for someone if they have overbearing debt. It can stop the possibility of creditor attacks and can help protect assets. Debtors should figure out the best type of bankruptcy that can help them the most. Consulting with a bankruptcy attorney is one of the best ways to determine which type is right for you. Businesses can file Chapter 11 bankruptcy, but Chapter 7 or Chapter 13 are the types most individuals choose to file. Debt can cause serious stress. There can be various sources of debt: job loss, medical bills, overwhelming mortgage payments, or other circumstances. Depending on the type you file, you may be able to prevent the loss of assets; other types of bankruptcy are based on liquidation. This liquidation is usually conducted by individuals that do not have the means to pay their debt back. Other bankruptcies allow for the structuring of a payment plan which is carried out over the years. Those with a stable income can still find themselves overpowered by debt. It can be a lingering problem that can eventually grow over time. Managing your debt is essential to your financial well-being. If bankruptcy is the right option for you—time is of the essence. The bankruptcy attorneys at Citizens Law Group LTD. are available to help during trying times. We strive to get you back on track and find the best way for you to manage your debt.