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Bankruptcy
Dear Pancreatitis Sufferers: Sickness and the inability to work can create many financial troubles. Our knee-jerk thought is for bankruptcy. For a few, that may be the final answer. My experience with corporate bankruptcy lasted eight years, four lawyers and countless depositions. At one point in the year 2000 I had the oldest bankruptcy case open in America. I am going to list at random my thoughts concerning bankruptcy. After reading these you should go to the listed web sites and read them. God bless to all and I hope this is helpful. 1.) Do not let the lawyers make the decision for you. It is easier but not better. They sometimes have their own agenda. 2.) Try and work with the creditor directly - as soon as you recognize the problem. It is always better to work with the original creditor before it gets to a collection agency. 3.) It has happened! With proof of your illness some creditors will forgive a debt or at the least, stop charging interest until you can make payments. 4.) There are two types of bankruptcy. A Chapter 7 (total) and a Chapter 13 (5 year repayment plan on a drastically reduced debt). 5.) Yes, bankruptcy can temporarily stop evictions and house foreclosures. 6.) The emotional impact of bankruptcy is equal to that of divorce or a death in the family. So be careful and be especially kind to yourself and love ones. 7.) Bankruptcy is only supposed to be on your credit history for 10 years. It can have an affect on your life much longer. 8.) It WILL hurt you in getting future loans, home insurance and auto insurance. 9.) Sometimes to do nothing is the best action. If you have nothing left to take, then you have nothing to lose. It is better than bankruptcy! You are what is called “judgment proof”. 10.)Unless it involves fraud, child support or tax evasion - in America you cannot be Put into jail because of your debts! Here are two recommended web sites for reading: http://www.ftc.gov/bcp/conline/pubs/alerts/bankrupt.htm http://www.courttv.com/legalcafe/work/bankruptcy/bankruptcy_background.html Your friend and my kindness always, Michael Gay Florida State Chapter Rep Back to Social Security
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