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Filing a Simple Bankruptcy
by Susan Chana Lask

We all know times are tough and, for some of us, bills are getting harder to pay each month. If the debts you owe are more than what you can afford, you should read on.

Filing a bankruptcy can be the answer to your problems. A bankruptcy is a way to discharge your debts completely so you can have a fresh start in your financial and personal life. You can only file a bankruptcy once every 6 years and once filed, it can become part of your credit history

Before filing, you want to know two things: 1) that your monthly expenses (i.e. rent, phone, medical payments and just about anything else paid by you for the living expenses of you and your family) are more than your monthly net income and 2) that your assets (all property you own at its current market value) are worth less than your liabilities (that is, the debts you presently owe and that you will list in your bankruptcy petition).


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17 May 2005 by LawKit
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