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Bankruptcy
Before you file bankruptcy, know the realities
Last year, a record 1.5 million people filed for bankruptcy protection. While bankruptcy is necessary for some people, many others file simply because they do not know their options. If you are considering bankruptcy as a solution to your financial difficulties, it is important to first understand the realities.
Bankruptcy does not relieve all debts
Debts not dischargeable in bankruptcy will generally include back taxes less than three years old, student loans, alimony, child support and debts incurred through fraud. To avoid foreclosure or repossession, you must ask the bankruptcy courts permission to "reaffirm" your mortgage loan and lease agreement and continue to make your home and auto lease payments.
Contact MMI for real world advise on bankruptcy.
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