5 Steps to Backing Away From Bankruptcy
NEW YORK (TheStreet) -- The economy might be inching toward firmer ground, but there are still plenty of Americans facing personal bankruptcy.
According to the U.S. Courts system, there were 1.07 million bankruptcies filed last year, down from 1.22 million the year before.
Debt collection litigation was the primary reason for bankruptcy given by 78% of respondents in a Center For Consumer Recovery study, with another 72% citing excessive credit card spending.
"The economy is improving, but many people are continuing to suffer the ripple effects of a terrible recession," says Mike Sullivan, chief education and operations officer for Take Charge America, a Phoenix, Ariz., nonprofit credit counseling organization. "For some, bankruptcy is the only option, but the process of declaring bankruptcy is very complicated."notes Take Charge America. If you believe you're slipping closer to bankruptcy, take steps to keep you solvent or at least buy time: Check your credit. Visit annualcreditreport.com to get a free, once-a-year look at your credit report. Look for all debts, even if the debt collectors have stopped calling.
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