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Timing Is Important In Filing For Bankruptcy

Roughly 15 million Americans remain out of work. About a quarter of all Americans are underwater on their mortgage. The nation is trying to recover from the worst recession since the great depression. The United States government says that around 1.5 million individuals sought bankruptcy relief in the twelve-month period ending on September 30, 2010. That is a 14 percent increase over the previous year.

Many people across the country tend to avoid bankruptcy by rolling current expenses into credit card debt in the hopes of being able to pay off the debt in the future. Unfortunately, studies say that by the time people head to bankruptcy court in search of relief they are in worse shape than ever before due to the economy. Cincinnati bankruptcy attorneys are not surprised by the findings in the recent studies.

People in Ohio, as across the country often delay filing for bankruptcy, fearing the process carries a stigma. Robert Lawless, a professor of bankruptcy law at the University of Illinois at Urbana-Champaign, says people are often delaying bankruptcy until it's too late and they "suffer more than they need to" as a result.

Many distressed consumers fear their credit will be ruined forever through filing for bankruptcy. The truth of the matter is that financial institutions look to post bankruptcy behavior and credit can become available for many who put their finances in order after bankruptcy. Experts say that home loans can become available in two to three years after a bankruptcy with proper credit re-building.

Individuals facing foreclosure, eviction, repossession of vehicles, garnishment of wages, utility shut-offs and collection calls from creditors can stop the creditor harassment through filing for bankruptcy. Many debtors can retain their home and vehicle through bankruptcy.

Source: Chicago Tribune, "Bankruptcy: Doomsday? No, but...," Gail Marks Jarvis, 17 Dec 2010

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