A lot is said about bankruptcy and most comes from unreliable sources, this is why you should not listen to all that is said about what a taboo bankruptcy is, when most people do not know the first thing about bankruptcy.
Bankruptcy is not as bad as its sounds, it will affect your credit, assets and your style of life, but not as much as you might expect. Unfortunately, there are many inaccurate ideas on bankruptcy.
Many people fear that when they file for bankruptcy everyone will know. This is only true if you are well-known in the business field, otherwise the media are not likely to be interested in your particular filing, the only ones interested will be your creditors. Although bankruptcy proceedings are public, there are so many people filing each day, which newspapers cannot possibly run all of the bankruptcies that are filed.
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Just because you have filed for bankruptcy under Chapter 7 does not mean that all your debts will be wiped out, some simply cannot. These are student loans, child support and alimony and debts due to fraud. If you are liable for fraud and have been judged guilty, this will also remain in your record.
Many amongst us believe that when you file for bankruptcy you will loose all your assets and money. This is not the case. Although you do have debts to pay off, you will not be left without anything to live on or stripped from all your properties.
Each state has different bankruptcy laws, and most have exemptions that will protect specific types of assets, as would be your car, house and money you have invested in retirement plans, clothing and household goods.
You will find that after having filed for bankruptcy you will be keeping most of your assets, including any loan you may have or mortgage, provided you keep paying regularly.
Do not believe what people say that further credit is impossible. The opposite is true. You will find that loaning services will actually be interested in lending you the money, for they can ask for higher interests. However, before you do go into more credit make sure you can afford to pay back a loan without running into debt once more. It may of course be necessary if you wish to buy a house or car, and it may be advisable to apply for a loan before you file for bankruptcy, in order to get a better interest rate.
Another aspect to consider is your credit card. If you are going to file for bankruptcy, it may be a good idea to pay off all credit card dues, by doing so you will avoid losing your credit card after bankruptcy.
For married couples, although it is not an obligation, it is advisable to file for bankruptcy together, otherwise the person who did not file is liable to pay back all the debts his or her spouse filed for.
Although you are not required to refer to a bankruptcy attorney, it is advisable to do so, for bankruptcy procedures are tedious and you may incur in penalties if you do not abide to them properly. This is why it is a good idea to seek professional help, if you want to get over this phase in the best possible way.
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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