Filing Bankruptcy – Will It Help?

Bankruptcy Rules

Last year, 822,000 American families declared bankruptcy which represents a 38% increase. If you’re wondering if bankruptcy is an option for you, here is some information I found recently in a supplement to our local paper:

A 2005 bill made it harder to file by increasing fees and mandating credit counseling. Additionally, if you make more than the median income in your state, the law may prevent you from starting over. Instead of having your debt wiped out, you’ll often be required to repay it over a period of three to five years.