If you feel like you are up to your eyeballs in debt, even if it might be current (but even worse if some of them are past due), your mind might be thinking about going to file personal bankruptcy. This is the train of thought that most people get tuned into, but in reality, it is the LAST option you should consider, and for most, it really is not a viable option to be considered at all. Let me explain.
One of the things you need to realize is that there are experts in every field, and if you are not an expert in the financial field to be aware of all the options that a consumer has, along with the ramifications of each, then you are really not in a position to make a decision to file personal bankruptcy on your own. I mean, if you have a plumbing problem at home, do you call an electrician? If you need a new muffler on your car, do you go somewhere that specializes in tires? No, in both cases, you go to people who are the experts in their field and can give you the best guidance and options.
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The same is also true in the field of finance, particularly in the field of bankruptcy. As a consumer, there are many things that you are probably not aware of. For example, did you know that there are certain types of debt that no chapter of bankruptcy can eliminate? So if your financial debts are made up to a large degree of those kinds of debts, bankruptcy is going to put you in an even worse situation while not providing any relief. Did you know that bankruptcy leaves a huge red flag on your credit report for the next 7 to 10 years, which is clearly visible to anybody that might grant you credit in the future? Why go through that if you don't need to?
Instead, have an expert take a look at your specific financial situation and present you with informed choices as to what your best options are, which probably do not include the step to file personal bankruptcy. One of your options might be a debt consolidation loan, although that is not recommended since that is just borrowing from Peter to pay Paul, as the saying goes, but did you know that there is a debt consolidation service which works very differently and can possibly get you out from under the financial load you are carrying, giving you the financial breathing room you need?
Your best option is to get a free bankruptcy evaluation done by a professional who is familiar with the bankruptcy laws in your state and can let you know what your real options are, as well as the downsides of each. Wouldn't you feel better knowing that a financial expert has recommended an option as your best alternative to bankruptcy? You are not forced to take that option but at least the options will be laid out in front of you so you can make an intelligent and informed decision about what to do about your financial future.
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