Bankruptcy

Bankruptcy law was enacted to protect American citizens who, for reasons usually beyond their control, had found themselves hopelessly in debt. It was therefore a mechanism of debt relief granted to those parties who otherwise would never get out of debt. But there is something dreadfully wrong with what bankruptcy was to what it has become.

The bankruptcy filings in America have hit such record proportions that the statistics are staggering. In every state and by every social status imaginable discharges of debt are being granted while, at the same time, new petitions for relief are being filed. Bankruptcy has become such a common practice within the landscape of our great nation that attitudes once poised to frown with disdain upon such actions now simply accept it as the inevitable consequence of American citizenship. There are even professional bankruptcy filers who have fine-tuned the art of debt relief in an attempt toward the acquisition of material and financial gain.

The most common bankruptcy, Chapter 7, dissolves debt but at the same time offers limited protection to creditors by allowing the courts to divide and liquidate the assets of the one seeking relief and the proceeds distributed. Chapter 13 allows the debtor to retain assets while submitting a plan wherein future regular earnings will be applied to all or part of the debts. Although individuals may, of their own accord, petition the court for debt relief, it is advisable that the services of a bankruptcy attorney be utilized. There are many types of bankruptcy petitions as well as laws and reasons as to who can and/or should file. Any person seeking debt relief through bankruptcy should do so only as last resort. For detailed information click http://www4.law.cornell.edu/uscode/11/.

Though bankruptcy cases can involve debt in the millions of dollars there have been cases where discharges have been granted for under $1500. Anyone thinking of bankruptcy should be aware of the many negative effects it will have on them and there family before proceeding. While it is a relief to get rid of debt the filer needs to understand:

• The bankruptcy remains on your credit report for 10 years
• Not all assets are automatically protected
• Not all debts are dischargeable
• Employment may be adversely effected

Financial advice from a professional can often avoid an action involving bankruptcy. Gene Jolley, President of SoLongBills and creator of the Rapid Debt Reducer software, has been helping families cope, manage, reduce, and eliminate debt. The emphasis of SoLongBills is to enable individuals and families to live debt free.

Rapid Debt Reducer Debt Elimination Software.
Debt Elimination Software. The answer is The Rapid Debt ReducerTM, a computer program which gives you the tools you need to get completely out of debt in as little as 5 to 10 years - including paying off your mortgage! Comes with free budgeting software! As DEBT goes down NETWORTH goes up!
http://www.rapiddebtreducer.com

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