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Definition of bankruptcy

Important facts about Bankruptcy!

Have you ever thought about declaring bankruptcy, but you have heard all the stories and myths about it and just didn't want to take the chance? Are you drowning in debt, worrying each day about what you are going to do? Well before you make any decisions, let us give you some facts about bankruptcy that can help you.

The worst thing you could do, is to do nothing. Without some protection, those annoying and threatening calls from creditors will continue, and that feeling of living on the edge just won't go away. But is bankruptcy really the answer?

The first thing you need to know is what is a bankruptcy? By definition, it is a process that allows those who cannot pay their debts to enter into an agreement with the court to give up control of assets and finances for protection against legal action by their creditors.

But is it to your advantage to enter into an agreement like this?
Here are 5 important facts that can help you make that decision.

1. Harassing phone calls will stop!
If you receive a call from a creditor after you have filed for protection, simply let them know you have filed and they can no longer contact you.

2. Past Debt Erased!
You have the chance to start fresh, without the stress of a mountain of debt hanging over your head. Often this itself can outweigh any disadvantages.

3. Certain Property is protected!
Under bankruptcy protection, all social security pensions and benefits are protected, as well as personal items, motor vehicles up to a certain value, tools of the trade and other household property. The exact items will be subject to the bankruptcy laws, but suffice it to say, that you can be protected.

4. Fresh Start!
Have you ever just wanted to call a timeout in life? Just to make things stop for a moment so you can catch your breathe. This could give you that chance to start over.

5. Rebuild your Financial Picture!
For a while you may feel the pinch of your bankruptcy, and maybe even have to operate on a cash basis. But it will ultimately help you to re-evaluate what got you into trouble in the first place.

Bankruptcy may not be the option that you wanted, but it does not have to be a bad option. You can come through it and find yourself to be stronger and better off than you were before. Don't let myths and false ideas stop you from controlling your future. Find help and facts about bankruptcy on www.BankruptcyOptions.com.au . If you choose bankruptcy, stick with your choice and prepare for a better life!