Bankruptcy was established to help honest people get relief from overwhelming debt. It wasn't created for people to foolishly spend and then just think "oh well, I will just file for bankruptcy and start over".
You shouldn't file for bankruptcy unless you realize all of the consequences and that your willing to go through exactly what the bankruptcy court tells you to do.
Bankruptcy can:
Stop nearly all lawsuits against you Stop foreclosures It may prevent your drivers license from being suspended if you have unpaid fines Stop the IRS from hassling you about unpaid taxes Filing for bankruptcy can get rid of almost all of your debts. Things like phones charges, student loans, child support, debts from fraud, financial debt from a criminal conviction and backed taxes from the past 3 years.
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It's not all good though. Here are a few things that bankruptcy can do that aren't to your benefit:
Lose assets - Depending on the value of your house, it is possible to lose it if you file for bankruptcy. This isn't normal but it can happen.
Credit rating - Your credit rating will be affected by filing but is that really going to make you avoid filing. I doubt it. If your struggling with debt then your credit rating is already going down so it's not that big of a deal. What many people find is that even with a bankruptcy on their record that they can still get credit. Reestablishing your credit isn't as difficult as many people say. As long as you keep up and payments your credit rating will be back to normal in a fairly short amount of time. There are even some companies that target people who have recently filed for bankruptcy. The interest rates that you get are going to be higher but that's normal. They will go down over time.
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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