Definition of bankruptcy
Important facts about
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
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!
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
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
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!