While bankruptcy is usually our last option when we find ourselves up to our neck in debts and we cannot see any possible escape route, it is however, not such a dreaded choice.
The fact you have filed for bankruptcy does not necessary mean you are cleared from the totality of your debts or that you can turn over a new leaf. A bankruptcy will leave you with a bad credit report for the next ten years and may have important consequences on your future plans. This is why you should think carefully before taking this step.
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It is also true that your credit report is already in bad shape due to your unpaid bills, so filing for bankruptcy will not make that much difference. However, you need to plan this step carefully.
Filing for bankruptcy will allow you to erase your debts and financial obligations, but your bankruptcy claim will remain on your report, making it difficult to seek for further credit in the future. It may at times be better to make a list of all payments you have to pay off and consider if it is not a better idea to get a loan in order to refund all payments, instead of filing for bankruptcy. When your credit report is bad any further request for a loan will usually ask for high interest rates, this will add to your already unsteady financial status. These are issues you should consider carefully when deciding whether or not to file for bankruptcy.
It may be a good idea to seek for financial advice before you do make a final decision. A bankruptcy attorney can help you determine the odds of your case, and will advise you on what strategies it is best to adopt. Filing for bankruptcy should help you turn over a new leaf, it should not make your financial predicament worse than it is already, and only an expert can help you choose the right steps to take.
Although it is true that bankruptcy will not stay on your credit for life, it will stay there for ten years, which is no short period. This may have serious consequences on your future financial plans, so before deciding you really should seek legal advice. An attorney will help you decide if you should file for bankruptcy, and refer you to a financial aide should he or she decide you are better off not filing at all. A financial expert can help you re-organize your financial situation and keep your payments and debts at check, to avoid running into more debt.
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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