Declaring bankruptcy is not the easy option for resolving debt issues. In fact it can be a life changing event which is anything but. The ramifications of taking this route can impact your life for quite some time.
It might seem like the easy way out to get rid of debts, but most people who have filed for it would not recommend it. It is not a quick way to wipe the slate clean, and is considered to be one of the top five most debilitating life events. To put this into perspective the others are severe illness, bereavement, divorce and disability.
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If you are declared bankrupt it will stay on your credit report for a number of years. Even after you have been discharged you will find it difficult to get credit. It is not unusual for job applications to ask if you have taken this route before.
Anyone considering becoming bankrupt should first of all undergo debt counseling. There may be other ways to resolve the issues that might be a far better solution in the long term. If you have fallen behind with payments it may be possible to negotiate debt settlement.
Some credit card companies are willing to help and may arrange for interest rates to be frozen so that the amount doesn't increase while you are paying it off. Arranging to settle or repay debts in this way will be far more beneficial in the long term as it will show you can be responsible with money. Most companies understand that situations do change and it may not be your fault that you have fallen behind with payments.
There are a number of reasons as to why people become bankrupt. Common reasons include losing your job or having a failing business, undergoing divorce, or developing a serious illness. In such situations it can be easy to become reliant on credit cards and to lose control of the situation.
Going through bankruptcy doesn't make you a failure, and if it really is the only way out then at least you will have the freedom of being free of debt. Using a lawyer who specializes in this type of problem can help you eliminate the debt more quickly, and will help you get your life back on track a lot faster. There is no getting away from the fact that you will find it more difficult to get credit for around 10 years afterwards, and will almost certainly end up paying much higher interest rates.
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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