Bankruptcy can bring financial relief to people drowning in debt, but it's not exactly the easiest way out. If you're considering of filing for bankruptcy, make sure to consider the consequences it will bring to your life.
The worst effect of bankruptcy would be on your credit. This may not be of real importance to you now -- if you're in a critical financial dilemma and filed under Chapter Seven or other forms of bankruptcy, then your credit score may not be your top priority. But remember that after you declare bankruptcy, you'll have a hard time getting loans. What's worse, you may need to pay higher interest rates for the loans you manage to get, and your credit report will show a record of your bankruptcy for the next 10 years -- not very pretty.
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In addition, when you file for bankruptcy, it won't eliminate all your debts. For most people, student loans, taxes, child support obligations, and criminal fines won't be eliminated. If most of your debts are composed of these, then filing for bankruptcy may not be worth it for you.
You may also lose some of your personal possessions in this situation. If you have reached this phase of your financial status, you may only have a few items of value on hand. Certain assets that aren't exempted for the purpose of bankruptcy are required to be surrendered in this case. Depending on the worth of your home and homestead exemption, your house might be in danger. Just to be sure, discuss this with your lawyer.
One more important thing to consider is the impact of bankruptcy with your creditors. It's not only big corporations like credit card companies, but also small businesses who extended credit to you are left with nothing once your debts are nullified. Of course the security of your family should be your first priority, but do take this into consideration.
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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