Bankruptcy is a popular option for debt elimination but financial experts recommend it less and less nowadays. The recession has made it very hard for people to file for bankruptcy because the laws regarding it changed and they have to meet harsh conditions in order to be eligible for it. Bankruptcy can be very tricky if you don't know what to expect and sometimes people regret they had to file for it when they see the conditions it implies.
Filling for bankruptcy should always be the last option if you really care about your financial future. Bankruptcy usually implies having you credit score so low you will not be able to get another loan for many years ahead. Also, if you file for bankruptcy you won't be able to file for it again for another 7 years or more, depending on your state rules. The bad thing about bankruptcy is the fact that it promises complete debt elimination but it offers a great deal of stress and hassle that is simply not worth it. Although you can get debt elimination through Chapter 7, your assets might be sold so you practically pay your debt anyway. Also, when your assets are sold they are sold at a much lower price than their real value so it will be necessary for you to sell a lot of things if you have a big amount of debt. You can also say goodbye to your car if you have one because that will be the first thing the court will get from you.
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Another thing is reputation, which will be stained. They make sure that your name appears in the paper when you go for bankruptcy and you also have to stop your business if you own one. Your employees will hate you when you will have to let them go without payment. Also, the clients will probably avoid you in the future because bankruptcy actually means that you are not able to take care of your financial situation.
So, think twice before filing for bankruptcy and take into consideration the fact that you will have to pay a lawyer for a couple of years to represent you in court. Bankruptcy may seem good, but it's definitely far from good.
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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