In 1800 the U.S. Congress adopted the first national bankruptcy law. It has been amended somewhat throughout the years and present law is based on the Bankruptcy Act of 1978. The basic intention of bankruptcy is to give individuals or businesses a fresh start when necessary. Although bankruptcy law has been modified to some degree since 1978, it essentially remains the same.
Most people filing bankruptcy today are doing so because they have abused their credit and accumulated too much debt. Bankruptcy is viewed by many as a means for people to get a fresh start and begin to reestablish or rebuild their credit - unfortunately, this is not always the case.
Each year more than 900,000 Americans file for protection under Federal Bankruptcy Laws. Some are credit abusers or just not financially responsible, but on the average, the person or persons filing for bankruptcy relief are average working individuals or families who are trying to pay all of their bills. Somehow, they find themselves in financial trouble. Be it the sudden loss of a job or income, mounting medical bills, a divorce or even a natural disaster can quickly wipe out a life's savings. For many, bankruptcy provides a second financial chance. In some cases, it can shed tremendous stress and provide the opportunity to rebuild from scratch. Generally, filing a bankruptcy is a last resort. While it should not be entered into lightly, it may prove itself to be a positive solution for you.
on bankruptcy alternatives, such as credit repair, prior to filing for bankruptcy. There ARE ways to avoid
bankruptcy. Before going ahead with the filing for bankruptcy, you may want to first consider a less drastic approach called debt settlement. This can help you dramatically reduce or get out of
debt without the repercussions of a bankruptcy.
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