When an individual is looking into filing bankruptcy they should seriously consider all of the options available to them. While filing bankruptcy can eliminate most if not all of one's debt, it can leave a black mark on their credit for up to 10 years. When considering the best course of action the individual would be wise to seek the advice of a professional financial counselor or an experienced bankruptcy attorney to discuss their personal financial situation.
A financial counselor, as well as a bankruptcy attorney, will be able to evaluate the individual's debt situation and help determine if there is another way possible to pay off the debt or if filing bankruptcy is the best option. Sometimes just by working out a strict budget and closely managing one's spending might be all that is needed. Also if it is at all possible, getting rid of all of one's credit card is another good start.
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However, avoid things like taking out a consolidation loan for all of your debts without first asking the advice of a professional since many consolidation loans have a high interest rate and payoff penalties which may end up causing the individual to fail. Then again, the best course of action for an individual that has overwhelming debt may just be to file for bankruptcy. Filing bankruptcy will give them peace of mind and a fresh financial start that they so desperately need.
In the past, a bankruptcy filing carried a negative stigma. Because of this, many Americans have done everything possible to avoid filing bankruptcy in some cases to their own demise. With the current economy, bankruptcy filing has taken on a new popularity and no longer carries a taboo reputation. Every neighborhood in the US has many homes in foreclosure and along with that many of these folks are filing for bankruptcy to protect whatever assets they have left. A large number of Americans are still unemployed and at the end of their rope. An individual shouldn't start selling off assets that would be protected by bankruptcy exemption laws just to survive when filing bankruptcy is inevitable.
Not knowing the answers to difficult financial questions can be very stressful. Why wonder if filing bankruptcy is the solution for your needs or if there are other alternatives? You won't know unless you speak with a bankruptcy lawyer and are completely informed. The relief of having all of your questions and concerns answered is paramount when already in a difficult situation.
The bottom line is, don't bury your head in the sand hoping that it will go away. Do your homework and be proactive when it comes to your financial future. There are many ways to get back on the road to financial recovery and with some guidance from an experienced bankruptcy lawyer, it may be sooner than you might think.
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