Personal Bankruptcy Resources

Information for debtors regarding personal bankruptcy help online

In recent years, the landscape of personal bankruptcy has changed at an unprecedented rate. A larger percentage of the U.S. population feels financial strain today than at any time since the great depression, which in turn, caused personal filings to reach record heights each year since 2000.

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Republicans consistently argue the solution is to prevent individuals from filing through comprehensive reform. Further, they argue debtors who are permitted to file should be forced into chapter 13 full payment plans, under court supervision, for a minimum of 5 years, unless catastrophic injury, illness or debt liability is proven according to onerous standards. The Democratic view criticizes the factors which cause individuals to file bankruptcy: high interest charges on credit cards, tax loopholes that encourage corporations to outsource professional jobs internationally, and the indifference of the Bush administration toward national unemployment and the widening gap between rising consumer costs and net spendable income. Democrats narrowly blocked new reform acts each year since 2000.

Because of the rapidly increasing segment of the population with sub-prime credit, the financial services industry today offers an increasing array of bankruptcy alternatives which are designed to lower payments, defer payments, refinance, and counsel debtors. All options should be considered before reaching any decision. For additional information about these categories, see footnotes: 1, 2, 3, 4, 5, 6, 7, 8, 9, and 10.