Steps On How To File For Personal Bankruptcy

Personal bankruptcy is a very serious decision. One has to carefully weigh his options and the consequences of his decisions before taking this step. Bear in mind that a record of bankruptcy will stay on your personal credit report for at least seven years.

A record of bankruptcy will impose certain limits and restrictions on your future plans. Therefore, being stuck in bad credit doesn’t mean you have to think about filing for bankruptcy right away. Consider all other possible options first to recover from bad debt.

Nevertheless, if you made the decision and if you’re ready to go through the whole process, here are the steps you should take when filing for personal bankruptcy.

Seek credit counseling. In the past, a person who decides to file for bankruptcy can just fill out an application and submit. However, since the amendment of the bankruptcy law, this decision is not up to the individual anymore.

In order to know if you’re eligible for bankruptcy, it is mandatory to first complete a credit counseling course from a government accredited agency. The credit counseling agency would be the one to decide whether you are a candidate for bankruptcy or not.

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Wal-Mart and the Retail-Stock Markdown

Sometimes low prices aren't enough. The outlook for retailers has turned so bleak that even Wal-Mart (WMT) is feeling the effects of the consumer slowdown.

The world's largest retailer had looked like it was actually benefiting from the economic slowdown as consumers flocked to its low-priced offerings. Wal-Mart's stock posted a gain in 2008, one of just a handful of large-company stocks to do so.

But on Jan. 8, Wal-Mart warned that fourth-quarter profits could be 12% below previous estimates. December same-store sales, which had been rising strongly as consumers sought out deals, missed expectations by rising only 1.7% in the U.S.

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