There are a number of debt relief options and you can select any one of them. It cannot be denied that bankruptcy is also one of the relief options but, it is suggested that you keep bankruptcy declaration as the last resort. There are various reasons for this suggestion which are discussed in the following segment of the article!
Why declaring bankruptcy should be your last resort?Bankruptcy filing has become really difficult after the recession. This is because of the fact that the Federal government amended the bankruptcy laws to stop people from opting for this option. This is because of the fact that as more and more people opt for bankruptcy, the creditors lose their money and become financially unstable. This makes the economy unstable and pushes it further back into recession. People are now required to qualify for bankruptcy. This means that they need to go for credit counseling session with the counselors appointed by law. If the counselors, after analyzing a person, think that the person is in a position to repay the debt either partially or completely then he or she will not be allowed to file for bankruptcy. Bankruptcy is a legal process and people need to tolerate the legal hassles. People will have to be in touch with the attorneys continuously. Bankruptcy is a very time consuming method and can take years to complete. Once a person successfully files for bankruptcy, the person will no doubt eliminate all the debts that he has but at the same time, he will lose his credibility because the credit score of the person will severely fall. The person will not be able to get any further credit from any creditor even if he needs it. This condition will stay for 7-10 years because the report of bankruptcy filing will continue to show up on the credit history for that period of time. After 7-10 years, the person will become sub-prime consumer. This means that he will get further credit but the rate of interest charged will be higher than the normal rate of interest charged for others.
Bankruptcy Attorney San Diego, Chicago Bankruptcy Lawyers, Bankruptcy Attorney,
It is because of this reason that declaring bankruptcy should be kept as your last resort.
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.
Rating of Bankruptcy Cost
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment