Often, we see on front page newspapers that a company was bankrupted. Many people might be thinking that it is some sort of noble thing. This is a worse case scenario of a company's life cycle or in the life time of a person. This phenomenon occurred on large scale last year. Economic recession was the core reason. There were many people who were fired from their jobs and many got reduction in their salaries. These people had no other choice than to use credit cards for paying their bills. Effect of that recession lasted for months and the economy is still healing. Due to these unusual circumstances, many individuals and families could not survive and fell a victim of debts. They had no other option then to file for bankruptcy. Filing bankruptcy may seem easy but it affects both the lender and the borrower.
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When a person files for bankruptcy and his case is accepted legally then a credit card Company gets almost nothing in return and it has to bear great loss. In the recent past, the number of bankruptcy cases was increasing due to which the U.S government took massive action in order to stop this process. The Government made new laws and policy to refrain people from using this bad option that actually ruin customer's future life as well as career. You may not get any credit in the future because of negative remarks on your credit report due to bankruptcy. Your career will be destroyed and you will not get a job easily. People know all these things but when it comes to their life, they do not bother and go to bankruptcy court for filing a petition. So, the government has made bankruptcy much more complex and difficult as compared to the past year. Paper work of filing bankruptcy has been increased in order to make it more complex. Registration fees are increased. Due to increased responsibility on attorneys, these attorneys have also increased their fees. The Government has introduced new test in order to check who is worthy for bankruptcy application and who is not? You should try to avoid this option. There are other options that you should consider first.
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