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"Should I File Bankruptcy?"
Only file bankruptcy if you've considered other
bankruptcy alternatives and found out that the repayment alternatives
are not feasible. In this case declaring bankruptcy is unavoidable.
Do you think that a person has become poor when they are bankrupt? Or,
do you have a pre-conceived notion that bankruptcy is caused by
irresponsibility and laziness. In the real world, it can be one of the
most responsible actions that a person can choose to take. It's a tough
decision for most people to make, but it often is the best one for
certain situations.
What Does "File Bankruptcy" Mean?
When you start declaring that you are bankrupt, what you are
basically saying to your creditors is that you cannot possibly ever
repay all of your debt. You will have to declare bankruptcy through a
lawyer. If it so happens that your situation is a valid one, you are
then freed of your debt. All the companies that you owe money now have
no right to ask for it.
This may sound awesome at first; however, it does have its drawbacks as
well.
Having something like a bankruptcy appears on your
credit report for the next six to 10
years will not be even close to beneficial to you. Because of it, you
will have trouble getting credit cards, loans or making big purchases
even though ironically, these may the very things that cause you to
declare bankruptcy in the first place.
If you are able to prove that you are making some real strides with your
financial situation, you could find it less difficult to get financing. However, it's a good way to take financial
responsibility of your own life. Not to mention, you will feel a great
big burden being lifted off your shoulders.
Should You Get Legal Advice to File Bankruptcy?
Since filing for bankruptcy is a complex process that requires
understanding of the new bankruptcy laws, you may need the advice of a
legal representative to make sure you're in the right path. If you are
searching for an attorney to give you counsel, you will want to find one
who is specifically qualified to help you filing bankruptcy.
It is always best to consult a
bankruptcy lawyer or debt counselor before you
really take the plunge and file for bankruptcy. They can consult you the
right reasons and timing for bankruptcy since
credit card companies and
other creditors where you owe money really do have the right to say no
to your bankruptcy claim.
There are certain situations when they are very likely to refuse your
bankruptcy claim. For example, if you just went on a vacation, made a
big purchase, or spent money after consulting with a lawyer, you will
look suspicious in their eyes and will likely be denied. In this case, a
bankruptcy attorney can help you in pre-filing preparation before you
file bankruptcy.
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