Personal bankruptcy is not the only alternative to getting out from under mountains of debt. Consider it a last resort. It will follow you for seven years on your credit report and forever as a federal court document. Court documents are open to the public.
Many job applications ask if you've ever declared bankruptcy, even if it's been discharged and years ago you still have to answer yes.
However, many people have found great advantages in doing so. If you are struggling financially, this option just might be what you are looking for.
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There are two major advantages of filing for personal bankruptcy. They are eliminating calls from creditors, at all hours of the day and protecting your property.
Once you have officially filed for bankruptcy your creditors can no longer contact you in regard to your unpaid debts, nor can they legally attach your wages. They must, instead, abide by federal bankruptcy law and attempt to obtain reimbursement.
Property protection is important. In the majority of personal bankruptcy cases debtors are allowed to retain property such as their residence and automobile. Unfortunately, many individuals fore go filing for bankruptcy because they are under the mistaken impression that they will lose everything. This action will sometimes give you the advantage over the creditors who continuously contact you for payment, as well. Since they are responsible for obtaining their own legal representation when attending the meeting of creditors, many times they will write off the debt in lieu of paying for an attorney.
Filing for personal bankruptcy immediately puts a stop to events such as utility shutoffs, evictions, repossessions and many types of lawsuits. A word of warning if you're involved in a lawsuit that may result in you paying financial damages, wait until after the lawsuit to file. For individuals who have been constantly struggling to stay afloat, this is a relief beyond compare.
Before taking that final step look at other methods of reducing your debt. Call your creditors and see if they'll accept a lesser amount to pay off a debt in full. Cut back on expenses that aren't necessary. Perhaps you could give up your afternoon gourmet coffee drink or pack your lunch instead of going out to lunch. Sell assets and use the proceeds to pay down debt. Even consider a part time job.
If you find yourself in financial crisis, consider the possibility of personal bankruptcy but keep in mind it is a 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.
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