Law Articles
To search for a particular term please use the following search box.
Click on a Topic to see available articles for that topic.
- Accidents
- Administrative Law
- Admiralty Law
- Articles
- Banking
- Bankruptcy Law
- Canon Law
- Case Law
- Civil Law
- Civil Rights
- Class Action Lawsuits
- Commercial Law
- Common Law
- Comparative Law
- Constitutional Law
- Consumer Law
- Contracts
- Corporate Law
- Courts
- Criminal Law
- Cyber Law
- Dispute Resolution
- Employment Law
- Equity
- Evidence
- Family Law
- Fiduciary Law
- General Practice
- Government
- Health Law
- Immigration Law
- Insurance Law
- Intellectual Property
- International Law
- Jurisprudence
- Labor Law
- Law and Economics
- Maritime Law
- Military Law
- Natural Law
- Personal Injury Law
- Philosophy of Law
- Property Law
- Public Law
- Real Estate Law
- Social Security
- Space Law
- Statutory Law
- Tax Law
- Traffic Law
- Trusts and Estates
- Water Law
Return to Law Dictionary Index
Avoiding Bankruptcy
by Sally Subeners
It is possible that bankruptcy will effect your life in a negative way. Many people are under the false belief that after you declare bankruptcy the penalties are over. This is absolutely untrue. Once you file bankruptcy you still have to pay, most likely from your payroll checks until your debts are gone. Your financial reputation will also be destroyed. Once you file lenders will generally not loan you money. Nothing positive comes after you file bankruptcy. On the positive side it can be avoided in certain cases.
Bankruptcy may begin very early in your financial life. It can start with your career. In life, there may be occasions to better yourself. Your skill sets and knowledge have a chance to grow. Even if you don't see the good thing in the short run, you should still take advantage of these opportunities. Most times things that you think will never be profitable. And sometimes it happens at the most unexpected time.
Abuse in the use of credit cards is always a way to end up in bankruptcy. Having credit cards are a great benefit in many situations. But, they can cause financial problems. The most relevant rule in managing credit cards is don't have too many. It is said that having two is enough for an average household. There are different opinions about this and lots of exceptions as well. However most people agreed that it's better not if you are not overloaded.
Applying for lots of credit cards makes you pay a lot in annual fees that are unnecessary. It is more to keep up with too. You may forget a couple of purchases that you made on one credit card you don't use very often. Limiting the use of credit cards and don't spend what you can't pay will avoid bankruptcy.
About the Author:
Sally Subeners - http://www.eslbankruptcy.com