Many people get understandably nervous when the topic of bankruptcy is brought up. They're embarrassed by the thought of having to declare bankruptcy because of what others might think and the effect it will have on their future credit rating. In addition, the new bankruptcy law that was passed in 2005 has added many details and technicalities which tend to make the whole process more confusing for consumers (and even for their lawyers).
Many wrongly assume that bankruptcy is no longer an option because of the law that was passed by President George W Bush in 2005. However, this is simply not the case. Things have changed and there have been some additional requirements placed on consumers, but bankruptcy remains a real option for many Americans. Having said that, what are the pros and cons of declaring bankruptcy?
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Well, the obvious advantage of declaring bankruptcy is the possibility of getting your debts wiped out. If you successfully file chapter seven bankruptcy, you can kiss most or all of your debts goodbye without ever having to worry about them again. This can provide much needed relief to families who are struggling with debt and see no end in sight.
Bankruptcy can provide a way out of credit card debts and medical bills while protecting your home and retirement accounts. There are many exceptions and details to be worked out, so you'll want to discuss your case thoroughly with a good bankruptcy lawyer. For example, homestead exemptions vary by state, so your home may be vulnerable depending on your specific circumstances.
Still, bankruptcy provides a legitimate way of wiping out unsecured debts and getting a fresh financial start. Of course, there are many drawbacks to bankruptcy, not least of which will be a severely poor credit rating for the next several years. If your financial situation is bad enough, however, your credit rating is probably the last thing on your mind (and you can improve it gradually in the next few years).
Another problem with bankruptcy is that some debts cannot be wiped out. You generally cannot dismiss student loans or income taxes. Also, you may be out of luck if the court determines that you incur a credit card debt without ever intending to pay it off.
There are many things to consider when looking at bankruptcy, and you should never make a decision without discussing the situation thoroughly with a lawyer. Still, you should know that the option is available, and you should not ignore it simply out of embarrassment or fear.
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