When financial woes overwhelm you and you find no respite to the endless financial hardships that continue to engulf you from all directions, it is time to consider the decision to file for bankruptcy seriously. A decision taken at the right time will not only prevent the situation from deteriorating, it will also help you put the crisis behind you and move ahead in life.
On the flip side, the decision to file for bankruptcy can affect your life adversely in more ways than one. It severely dents your credit rating and social status and your name will be in the black listed record for a minimum of ten years. After the process is completed, the affected individual gets relief from tortuous calls from creditors and threats and visits at unearthly hours.
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At the same time, filing for bankruptcy is certainly not as easy as it was in the past few years. The laws are being tweaked from time to time to keep up with the changing times and to plug the loopholes existing in the system. Filing for bankruptcy is an expensive affair too. It involves hiring an experienced bankruptcy lawyer and good lawyers costs money. However, the advantage of hiring an attorney is that it helps you understand the process of filing for bankruptcy better. You also become more conversant with the complex rules of bankruptcy and help you decide under which chapter you can file for bankruptcy, given your present financial situation.
When you file for bankruptcy under Chapter 7, you hand over the control of all your assets to the court. The court makes an assessment of the value of the assets and the amount you owe to your creditors. A plan is then drawn by which all the debts are retired by selling off the assets. Personal bankruptcy is a relatively simple process which can be done professionally with the help of experts in the field.When you seek relief under Chapter 13, you are required to declare all your assets and sources of income. The court then reorganizes your debts to be paid back over a period of time which is carried out under the supervision of the court.
Taking the decision to file for bankruptcy at the right time is important. Your bankruptcy attorney is the best person to guide you under the circumstances.
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