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Guidelines To Be Met Before Filing For Bankruptcy Langley

By Martha Rogers


Consumers have been buying more goods or services than needed in recent times. This has been made possible by the increase in income levels by workers. In most cases, purchased products sit idly at homes and are hardly useful. It is thus wise for individuals to evaluate their incomes before going on a spending frenzy. This article categorically explains the guidelines to be met before filing for bankruptcy Langley.

The first rule on the list is to assess the amount of money and individual owns at a particular time. The salary a working citizen earns determines the amount of cash they can spend. For instance, is paid handsomely or more than they spend, then all is good and there is no possible of being declared broke. This is because there is a steady flow of income either on a weekly or monthly basis which covers the expenditure. However, if the same employee spends more cash than they earn, then there is a highly probability they will end up broke soon.

Alternatively, employees need to keep track of the frequency they use their credit cards. Card holders are charged yearly or monthly premium payments as they purchase goods electronically. Charges vary depending on the bank used by workers. Regular purchase of products through credit cards incurs more charges which pile and can be a burden to the employee. To be on the safe side, working citizens need to regularly add funds in their cards to avoid running out of money.

In relation to this, it is essential that working citizens are informed on reasons that can make their card get revoked. For instance, a drop in credit card, closure of bank and inactive accounts are major contributors to revoking of cards. If one or all of the above reasons are in force, then the card holder is in danger of filing court documents and being declared unfit to pay their debts.

Pending court orders are another red flag that one is about to lose their money or be declared unable to pay legal fees. For instance, a garnishment order can create a huge dent on finances of an employee. A garnishment is simply an order from the court that requires money paid to a third party, to be seized and used to pay debts owed to creditor. If the worker faces similar orders in court, then they should start the filing process.

The receipt of letters and phone calls from creditors is a worrying tale of insufficient funds to pay for expenses incurred. A card holder is granted temporary safe haven as they find means to earn income and pay their debts within this period. Three months is the standard time allocated for workers to raise funds.

Failure to consult relevant financial advisors on this matter can have grave consequences on the part of the client. Ruthless creditors can seek a court order and force a client to dispose their assets at a lower price than the market value.

All or a few of these guidelines need to be met before an individual can commence the filing of documents in court. As these guidelines start to show up, an employee needs to take drastic measures and seek advice on servicing their debts.




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