Are you worried about losing your home or your car? Many people face a financial crisis at some point in their lives.
Are your accounts being turned over to debt collectors?
Bankruptcy information stays on a credit report for 10 years and can make it difficult to get credit, buy a home, get life insurance, or sometimes get a job.
As federal courts have exclusive jurisdiction over bankruptcy laws, cases must be filed in federal bankruptcy court.
The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Then, list your "fixed" expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums.
Next, list the expenses that vary — like groceries, entertainment, and clothing.
You can’t borrow your way out of debt in the same way you can’t get out of a hole by digging out the bottom.