If you're facing significant financial difficulty, one possible way out for you is bankruptcy. Of course, this should be avoided at all costs, and you in fact may be able to. If you are filing for bankruptcy because the amount of debt you have is impossible to get out of by yourself, then it may be a viable option. For example, this may be true if you have so much credit card debt that you aren't able to even make minimum payments, much less pay them off.
This statement in itself should not be a surprise, but the facts further show that the majority of people have found themselves in this situation due to circumstances that are not under their control, and not because of embezzlement or some type of financial mismanagement. Such situations would include things that the consumer has no control over or didn't see coming, such as a job layoff, high medical bills, divorce, and various other very valid reasons.
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However, bankruptcy is not necessarily an easy way out of debt, as it was before some relatively recent law changes. There are certain specific qualifications you must meet in order to be able to file the type of bankruptcy (called Chapter 7) that will simply alleviate your debts. And you have much more paperwork to go through in order to file for this bankruptcy. Then, you must obtain approval from the court to file. If you can't, you will not be able to file for bankruptcy.
What does bankruptcy law say about an individual's ability to file for bankruptcy? It's pretty complicated, and for that reason, it's probably best to hire a bankruptcy lawyer to help you. A bankruptcy lawyer can tell you what your options and alternatives are. If you can in fact go forward with the bankruptcy, the attorney can also help you with the forms you'll need. Even though you have to pay money to hire a bankruptcy lawyer, it's probably well worth the money to save the amount of headaches you avoid. If you do so, you'll also make sure that you're getting the best treatment possible and are utilizing every safeguard you can, including saving assets you can keep.
You do not want to file bankruptcy unless you have no other viable options. One big reason for this is that it will leave a huge blemish on your credit reports for the next 7 to 10 years, which will be a gigantic warning flag to any future credit lines that you may wish to open. It can also affect your chances of getting a new job, and as credit reports are used more and more, it can even affect how much you pay for car insurance.
One of the options that many people do not consider is Debt Consolidation which may be able to save you from needing to file bankruptcy. You may want to understand how this may be an option for you and how it can work for you.
If you can avoid bankruptcy, please do. Research every single option you might have before you go ahead with bankruptcy as a last resort in terms of your financial restructuring. It does indeed give you a "fresh start" of sorts, but it will also negatively impact you financially for years to come. Therefore, make sure there are no better ways to get out of debt before you go forward.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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