How Bankruptcy Affects Individuals (Part Two) By Michael Vereen

1. How Bankruptcy Affects Individuals
(Part Two)
By Michael Vereen

2. Filing for bankruptcy is not a pleasant
experience and should be considered a last
resort. Yet statistics now show that in the
United States, more than 1.5 million people
filed for bankruptcy in 2010, a significant
increase in filings from the previous year. In
some cases, filing for bankruptcy in
extraordinary circumstances can give debtors
a much-needed opportunity to get their
finances, and their lives, back on track.

3. The filing process is complicated and
thorough. When filing for bankruptcy, here
are two important factors to consider:

4. Filing Takes Time
At least six months of counseling is mandated
before an individual can file for bankruptcy.
Compulsory classes on money management
must be taken, and the debtor’s eligibility to
file for bankruptcy is assessed thoroughly as
a part of the process.

5. Evaluation is Comprehensive
A judge evaluates each case individually to
determine whether debts are to be dismissed
or whether a repayment plan is viable for the
future. Special consideration is possible for
people with disabilities, military veterans with
a low income, and active duty military
members, but aside from these specific
groups of individuals, the assessment is
generally based on mathematics.

6. About Michael Vereen: A Georgia attorney
with more than 17 years of experience,
Michael Vereen focuses on legal matters of
bankruptcy, criminal law, and traffic
violations.

7. About Michael Vereen: A Georgia attorney
with more than 17 years of experience,
Michael Vereen focuses on legal matters of
bankruptcy, criminal law, and traffic
violations.