Have you contemplated bankruptcy? Have you given thought to how this may impact your life? Do you realize that in most circumstances this solution can hurt you more than it can help you. It may seem like a quick fix, but you need to consider the benefits and disadvantages before you proceed with it.
The first thing you have to realize is the affect that bankruptcy will have on your credit and credit score, it will take many years to even begin to try to restore it. This signifies that it will be at least seven years before anyone might consider giving you credit. This can be very detrimental if for instance you need to apply for credit for your children to attend college, it would make it virtually impossible.
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The cost of declaring bankruptcy is not cheap since you have to hire a good lawyer to make a sellable case for you. In 2005 the bankruptcy laws were made more stringent and therefore more difficult to seek protection under the bankruptcy laws. If you do not succeed in court you still owe the lawyer his fees and could end up in a worse situation.
One thing individuals don't realize is that the court could order your possession, if any, to be sold at an auction. They could barge into your house, take possession and sell them for whatever they could get to pay creditors. This is something you definitely want to avoid. Are you willing to go through this embarrassment and loss?
If you currently are self-employed and own a business you will have to sell or close it immediately after bankruptcy. This could not only affect you but your employees and clients This will make it very difficult to start a new business since you will have lost the most important intangible asset your goodwill.
You should ponder that f the court does grant you bankruptcy it is made public and you must deal with social stigma attached to it. So what are your options? It is better to seek other debt credit solutions for debt elimination first. You have the option of debt consolidation and debt settlement to reduce your debt and monthly payment. Get a free consultation from a reputable company that can help you explore the best options for you. Bankruptcy may sound like a great solution, but when you see the pros and cons, it really is not the best alternative.
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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