The fact that you are struggling with debts does not mean you should hurriedly file for bankruptcy. I will appeal to you that you should make this your last resort if need be.
The main reason for this advice is due to the fact that you may be asked to turn in all your possessions if you decide to file for bankruptcy. Some of your possessions you will be asked to give up may include your salary and even all the investment you have in your properties.
You may even be asked to sell your properties, including shares you have in businesses to pay back your debt. What this implies is that your family house is even at a risk as you may end up losing it. It does not matter if the property is jointly owned with your spouse or other members of your family, you will be forced to put it up for sale so that you can turn in your own share of the proceeds in order to settle your debt.
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There are new provisions that you need to be aware of. The rules stated obviously that if the trustee that has been chosen by the court does not sell your bankrupt property within three years, it will not count as part of your property and you may not be able to claim it back again. This wouldn't sound nice to you, I know.
The above listed may not be all you stand to lose at the end of the day. If you make any money from any business at the time the bankruptcy order is still in force, it is possible the money will also be taken away. The money can also come from other sources. Another disadvantage of filing for bankruptcy is that you will not be credit worthy for about 15 years. I will appeal that you really sit down and think before you file for bankruptcy.
Bankruptcy is best for someone with considerable debts, no income and no assets. The people it has the highest effect on are those that actually have equity in property, disposable income and people that have professional qualifications because they stand to lose the most. For example, a lawyer should try to avoid it because they won't be able to practice law once they have filed for bankruptcy.
The best set of people suited for bankruptcy are people that have huge debts with no source of income and also no assets. The people that feel the bite of bankruptcy more are people that invest in properties, those who make huge incomes and those in possession of professional qualifications as they have more to lose. An Attorney, for example, should avoid declaring bankrupt because he won't be allowed to practice again till he is able to settle his debts.
It is pertinent you think twice before going this path.
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