Filing bankruptcy is a familiar practice in the US. Over 2 million people file for bankruptcy each year. This may sound like a dramatic event that will change your lifestyle for a very long time, but the reality is quite different.
There are a handful of reasons a person files for bankruptcy: for instance unemployment, unanticipated medical bills, large credit card debt etc. After you have filed bankruptcy and the case is closed you virtually have a clean slate. Filing bankruptcy will immediately get your creditors off your back. And, with some cases (like Chapter 7) most debts are able to be discharged.
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Note: Some debts like child support, taxes, housing mortgages, car loans and student loans are not discharged in accordance with Chapter 7 bankruptcy law.
Filing bankruptcy is an emotional experience. You will need an attorney whom you trust and with whom you feel comfortable. If you are not familiar with the law, you might forfeit your property and have a hard time filing a subsequent bankruptcy case due to new rules. Although it is feasible to file a case without a lawyer, it is recommended to shop around for legal assistance, especially when your house and automobile are affected.
The decision to file bankruptcy is a decision that only you can make. To choose wisely, you should research all your options before filing and defaulting. Filing fees typically depend upon the kind of bankruptcy that you have filed for, your specific situation, and your method of filing. In fact, there are a handful of ways to file your petition.
Filing bankruptcy will not hurt your spouse or your spouse's credit unless your spouse is listed jointly on any of your debts. However, if your spouse is listed as a joint debtor, sometimes called a co-debtor or co-signor, on any loan, credit card or other debt, your spouse can become liable for all of the debt as soon as your responsibility for the debt has been discharged in bankruptcy.
Filing bankruptcy should be a last resort if you want to keep a healthy and acceptable credit report. There are other options available, like debt consolidation.
Furthermore, credit counseling agencies can help resolve financial stress and individuals escape bankruptcy. Some people can reach compromises and pay off their debts, either with the aid of a counselor or by themselves.
Be sure to evaluate all your options before settling on anything.
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