How Bankruptcy Affects Individuals (Part Two) By Michael Vereen

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How Bankruptcy Affects Individuals (Part Two) By Michael Vereen

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How Bankruptcy Affects Individuals (Part Two) By Michael Vereen

  1. 1. How Bankruptcy Affects Individuals(Part Two)By Michael Vereen
  2. 2. Filing for bankruptcy is not a pleasantexperience and should be considered a lastresort. Yet statistics now show that in theUnited States, more than 1.5 million peoplefiled for bankruptcy in 2010, a significantincrease in filings from the previous year. Insome cases, filing for bankruptcy inextraordinary circumstances can give debtorsa much-needed opportunity to get theirfinances, and their lives, back on track.
  3. 3. The filing process is complicated andthorough. When filing for bankruptcy, hereare two important factors to consider:
  4. 4. Filing Takes TimeAt least six months of counseling is mandatedbefore an individual can file for bankruptcy.Compulsory classes on money managementmust be taken, and the debtor’s eligibility tofile for bankruptcy is assessed thoroughly asa part of the process.
  5. 5. Evaluation is ComprehensiveA judge evaluates each case individually todetermine whether debts are to be dismissedor whether a repayment plan is viable for thefuture. Special consideration is possible forpeople with disabilities, military veterans witha low income, and active duty militarymembers, but aside from these specificgroups of individuals, the assessment isgenerally based on mathematics.
  6. 6. About Michael Vereen: A Georgia attorneywith more than 17 years of experience,Michael Vereen focuses on legal matters ofbankruptcy, criminal law, and trafficviolations.
  7. 7. About Michael Vereen: A Georgia attorneywith more than 17 years of experience,Michael Vereen focuses on legal matters ofbankruptcy, criminal law, and trafficviolations.

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