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What do Escondido residents need to know about bankruptcy?

We're told that we are living in the "Information Age." From a casual look at daily life in America, it is easy to see why. The Internet has brought information to people who may not otherwise have access, and virtually every home in the country has a television on which news from around the world can be accessed every day. Of course, there are both positive and negative aspects to this amount of available information. But, when it comes to considering a personal bankruptcy filing, an Escondido resident can never have too much information.

A recent article detailed some important aspects of a personal bankruptcy filing. For instance, knowing the difference between the various types of bankruptcy filings can be vital, whether it is Chapter 7 bankruptcy for an individual or a Chapter 11 bankruptcy for a business. These types of bankruptcy can be very different, with different pros and cons to be considered.

Knowing the consequences of a bankruptcy filing is also important. Many of our Escondido readers know that a bankruptcy filing can do things like stop foreclosure and get an individual or family back to a fresh start financially, but there are other critical factors. Unfortunately, an individual's credit report will take a significant hit, but the good news is that that "black mark" isn't permanent.

No one ever wants to find themselves in a position where they are considering a bankruptcy filing to salvage an unmanageable debt situation, but doing so can be a good tool for consumers who are looking for ways to get back on their feet. Most of the important decisions that individuals make in their lives will have various good aspects and bad aspects, and filing for bankruptcy is no different. The end result of greater financial freedom, however, can be worth the risk.

Source: myfoxphilly.com, "Know these bankruptcy facts before you file," Andrew Housser, April 15, 2013

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