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You can but its a last resort for so many reasons. Bankruptcy follows you even after you are discharged so be very wary. The stigma with bankruptcy is extremely negative and the likelihood of someone finding your history after you are released from bankruptcy especially in a techological age is certain.
Options if you have employment and can repay is debt arrangements, refinancing and garnishee orders. Companies to who you owe debts will invariably seek garnishee orders before bankruptcy because they will eventually get their money.
All I can say is don't look at bankruptcy as the panacea of debt problems. Find a debt assistance service. Your future will be so much better served if you can demonstrate you had issues and you resolved them rather than reverting to the all too simple bankruptcy.
What else can I help you with?
What colony was founded as a refuge for debtor prisoners to work and to pay off their debts?
Georgia was founded as a refuge for debtor prisoners to work and pay off their debts.
What happens when a business goes bankrupt?
When a business goes bankrupt, it means that it is unable to pay its debts and obligations. The business may be forced to close down, its assets may be sold to pay off creditors, and it may be subject to legal proceedings to resolve its financial issues.
How do you pay off mounting debts?
Work like heck and quit spending.
What happens to shareholders when a company goes bankrupt?
When a company goes bankrupt, shareholders may lose the value of their investment as the company's assets are used to pay off debts to creditors. Shareholders are typically last in line to receive any remaining funds after creditors and bondholders are paid.
What options do I have if you can't afford to pay my second mortgage?
Cutting through the riff raff....you cannot afford to live in the house that you cannot afford to pay the debts on...or afford the lifestyle that you cannot pay your obligatioons for. No process, bankrutpcty or otherwise, is available that will allow you to not pay your obligation/debts but keep the assets, like the house. (Note, BK includes all your asets and all your debts, you cannot pick and chose only this or that. Your assets are used to pay your debts. Secured debts, like a mortgage, get paid first from the sale of those assets they are secured by). You can increase your income, better/more jobs, sell other assets and pay off the debt or sell the house and buy one you can afford. Again, any other way you may delay paying for a while, but you will lose the asset.
Where can one get debt advice from the government?
StepChange Debt offers free government advice for people who need help with their debts. They can help you look over your finances, show you how to pay off your debt quickly and advise you on which debts to pay off first, if you can only afford to pay a few at a time.
How do I pay off debts quickly?
You can start by paying off small debts then working your way to the bigger debts. You can use the money from paid off debts to double payments on bigger debts instead of blowing that money.
What happens if a player runs out of money in Monopoly and cannot pay their debts or purchase properties?
If a player runs out of money in Monopoly and cannot pay their debts or purchase properties, they are considered bankrupt and must leave the game. Their properties and assets are typically returned to the bank and can be auctioned off to other players.
How do you you bankrupt an iPod?
you get it off the internet
When did Truman open a mens clothing store?
Truman opened a men's clothing store from 1919 to 1922. Although the store failed because of the postwar recession. He almost went bankrupt paying off the debts for the store.
How do you escape from debts?
The only way to escape from debts is to stop using your credit cards. Start paying off your debts by saving a little here and there from your paycheck and put that into your savings account. Start off with one and work your way down to the last one. It will take awhile, but it can be done.
In what ways can one cancel IRS debts?
One can simply pay off the IRS debts. Another way one can cancel IRS debts is to get loans from banks to pay off the debts. Also, one can borrow money from peers to pay off IRS debts.
