Bankruptcy is often a resort that people look to when they are in financial hardship. It is a means of lifting the burden. However, what many do not realize is that the burden still remains, as your credit is marked for many years to come.
While bankruptcy implies that it is simply the filing of forms and the debt is erased, it is far more entailed than that. The process isn't just the filing of forms; it is detailing your financial history to a judge and opening it to objections by creditors. When you owe an outstanding debt to creditor you are likely to be willing to settle prior to filing bankruptcy for as little as 10 cents on the dollar.
Bankruptcy is not a quick fix. It is a mark against you that you will have for many years to come, affecting your ability to apply for credit.
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The attraction of bankruptcy is that you will lose your debt, whether it be credit cards, loans, or what not, you will be eliminating the debt. The flip side is that you will be unable to obtain credit for many years to come, whether it the application of another credit card or a home loan.
There are some debts that you will still be responsible for. Back taxes and student loans within the past three years and other specific debts are typically exempt from bankruptcy protection.
Once you have filed bankruptcy, you will be in this situation for ten years. And, if you are wishing to rebound from the bankruptcy filing, you will need to maintain a near perfect credit record to rebuild the trust of lenders. Bankruptcy is regarded as highly negative and you become a high risk. It affects your stability even more than a low FICO score.
You may be faced with having to relinquish assets during your bankruptcy proceedings. For instance, if you have assets such as expensive jewelry, a boat or other items, they may ask for the property. It is highly unusual for a judgment against your auto. Secondary property may be protected.
Bankruptcy is not cost free. There are fees that the courts request for the filing and should you obtain an attorney you will have the cost of the attorney as well.
The advantages of bankruptcy are that you will eliminate your debt. You will not face possible garnishing of your wages nor will you be foreclosed on should you own a home. Should you be considering bankruptcy, the sooner you file, the sooner you will begin to rebuild.
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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