Filing for bankruptcy is seldom an easy decision, but sometimes it is the only way out of what may be an insurmountable debt. If it is the right path for you, you will have to list all your assets and property, including anything you may have transferred to somebody else, including relatives, within a specified period of time.
If you have fallen behind in paying on your credit cards, medical bills, utilities, rent or mortgage payments or student or car loans, you know what it’s like: the fear of answering the phone and the dread of going to the mailbox.
Back in the 1950s, credit cards were used mostly for dining out (hence, “Diners Club,” the progenitor of the modern-day credit card) and were held by few. Today, an estimated 183 million Americans have credit cards—and we use them for everything from big purchases, like furniture and appliances, to buying a cup of coffee.
No one is perfect. Even if you do everything right, you may find yourself with serious financial difficulties. If you feel like you can never get ahead. It’s time to contact a bankruptcy attorney. However, how do you know which one to choose?
Debt is a fact of life for nearly everyone. In fact, having some debt helps establish and improve your credit rating when you make regular, on-time payments. Debts fall into two categories: secured debt and unsecured debt.