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When a consumer is considering the option to file for bankruptcy to help with their financial crisis, they must carefully look at the long term effects of the bankruptcy.  Some consumers file bankruptcy for all the wrong reasons.  Today we’ll look at five good reasons to file for bankruptcy.

1. Insurmountable Medical Bills – When a person or family is faced with a medical emergency and is under or un-insured, the result is a pile of medical bills.  It is not uncommon for one medical emergency to cost tens, or even hundreds, of thousands of dollars.  If you are looking to file bankruptcy as a result of insurmountable medical bills, remember to try to fix the problem that put you in this predicament so that it isn’t repeated.  Find health insurance that will adequately cover you, and your family, for any future medical emergencies.
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After a petition for bankruptcy has been filed, the trustee in the case will schedule an appointment where the consumer(s) must appear.  According to part A of section 341 of the United States Bankruptcy Code, Meetings of creditors and equity security holders, “Within a reasonable time after the order for relief in a case under this title, the United States trustee shall convene and preside at a meeting of creditors.”
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One glance at a news website, or even to your local newspaper, and you will see that the nation is currently in the grips of a true housing crisis.  Foreclosures are at an all time high and in some areas of the nations, bankruptcies are also setting records.  Many consumers that are faced with foreclosure have two options to save their house:  file bankruptcy and reaffirm on the mortgage or refinance to a better loan product.
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The staff at e-bk.com provides a wide range of information to consumers.  Whether you’re looking for a bankruptcy lawyer in your state or information on the latest bankruptcy statistics, e-bk.com is the internet’s best source for bankruptcy information.  Let’s take a tour of some of the more popular sections of the site.
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Although e-bk focuses primarily on personal bankruptcy news and information, from time-to-time the staff feels that it is important to highlight certain corporate bankruptcies as they could be seen as a sign of changing times.  The last week of March and the first few weeks of April 2008 brought three bankruptcy announcements by airlines.
 
In March, Aloha Airlines announced its plans to file for bankruptcy and ceased operations effective March 31, 2008.   Aloha Airlines had been serving the Hawaiian Islands for more than sixty years.  A few days later, on April 2, 2008, Indiana-based ATA Airlines also announced that it had filed for bankruptcy.  ATA Airlines did not offer any forewarning to passengers and immediately cancelled all flights.  Many passengers were greeted by signs at airports announcing the bankruptcy and cancellations. 
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Predatory lending practices by many mortgage companies have led to increased bankruptcy filings.  As new mortgage programs were created to help serve those markets that were previously unable to secure a mortgage, predatory lending began to rise.  According to the US Department of Housing and Urban Development, “Predatory mortgage lending practices strip borrowers of home equity and threaten families with foreclosure, destabilizing the very communities that are beginning to enjoy the fruits of our nation’s economic success.”
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Payday loans, also called cash advance loans, are considered by some in the finance industry to be the scourge of America.  Getting involved with payday loans can put some consumers on the quick route to bankruptcy.   Individuals who are facing a financial crunch are bombarded with advertisements on TV and radio and a plethora of stores, generally bunched into certain neighborhoods due to restrictions by some municipalities, offering them a quick fix for their financial woes.
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One of the most commonly asked questions by individuals considering a bankruptcy petition is whether student loans are dischargeable debt.  Unfortunately, the quick answer to this question is no.  Prior to the Bankruptcy Abuse Prevent and Consumer Protection Act of 2005 (BAPCPA), private student loans were dischargeable in bankruptcy proceedings.  A private student loan is an education loan that is not guaranteed by the government.  Prior to the BAPCPA in 2005, private student loans were treated like other unsecured debt and readily discharged.
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The US Courts website maintains statistics for all bankruptcy filings from 1995 through 2007.  Many media outlets have reported that bankruptcies are on the rise; the cumulative data that was released at the end of fiscal year 2007 (September 30, 2007) contradicts these reports.  In the 2007 fiscal year, there were 25,925 business bankruptcies filed and 775,344 non-business bankruptcies filed in federal court for a total of 801,269 bankruptcies filed in 2007.  In 2006 the numbers were 27,333 business filings and 1,085,209 individuals for a total of 1,112,542.
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