You’ve heard it before and you’ll hear it again–the economy is in rough shape. The difficult economic circumstances have caused increasing levels of unemployment and personal debt. Too much debt can lead to bankruptcy and all of its ill effects. If a family member or a loved one is on the verge of filing for bankruptcy, the following article can help you understand more about the process and whether it offers an appropriate solution.
When you file for bankruptcy you limit your options for many future loan options. Many banks do not forgive bankruptcy and it shows on your credit report for 10 years. Think twice before making the decision to file for bankruptcy. You might want to defer your bills for a couple of months, instead of hurting your credit for 10 years.
Don’t throw in the towel. If you file for bankruptcy at the right time it could enable you to get your property back that you lost to repossession. If it has been fewer than 90 days since you filed for bankruptcy, it is possible for you to get repossessed property back. Talk to a lawyer for help with the petition filing process.
Make sure you have a solid understanding of which debts can be eliminated by bankruptcy, and which ones cannot. Debts like student loans, child support or alimony payments, and taxes, are generally not discharged through bankruptcy. Bankruptcy can help if your wages are being garnished or if you have large unsecured debts, like, credit cards and utility bills.
Find a bankruptcy attorney who offers free consultations, and ask lots of questions. Most lawyers will meet with you for free and give you helpful advice, so meet with several. Make a choice only if you have received good answers to all the questions and concerns you brought to the table. You don’t have to make your decision right after this consultation. After your consultations, do some additional research on each attorney you consider qualified for the job.
Remember that certain kinds of debt won’t be discharged even after you have filed for bankruptcy. If you have outstanding student loans, owe child or spousal support, a divorce settlement agreement, or unpaid taxes, you will still be liable for these debts. Also, if you forget to list certain debts on your court documents, you won’t be able to add them in the future.
Consider seeking advice in an online forum before you make any permanent decisions regarding personal bankruptcy. From there, you will see many people who long ago went through what you are now facing. It can give you a great perspective to help avoid making their same mistakes, and learning their lessons without first suffering those consequences.
Even though our economy is slowly improving, many people still do not have jobs or decent wages. That said, it is possible to avoid bankruptcy even if you are having cash flow problems. Simply remain persistent and positive. Opportunities will eventually come your way. Keep these thoughts close and it will enable you to have a better chance of avoiding the need to file bankruptcy. Hopefully better things await you in the near future.
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