Personal bankruptcy does not have to be your only option when it comes to debt relief. There are many other options that are available to the consumer that can help them avoid the bankruptcy process. Reviewing these options prior to committing to a personal bankruptcy filing will help you avoid making the wrong decision.
Bankruptcy can become more stressful than the debt itself. The bankruptcy court will become the determining factor of which of your debts are required to be paid and which will be absolved. The court has the authority to sell your personal property if necessary and, if they feel you do not have enough income to make repayments, they can force you into total liquidation.
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A personal bankruptcy will remain on your credit file for 10 years. That is 10 years that you will continually be denied for credit or pay exorbitant interest rates, for mistakes made in your past. While you will eventually be able to reestablish credit, there will be an extended period where you will receive no credit at all.
Insurance premiums will increase and your ability to rent an apartment will decrease. Many see a personal bankruptcy as a sign of irresponsibility instead of realizing most bankruptcies are the result of hard times. You may also find that getting a new job will become harder. Many employers are now performing a credit or background check on their potential employees. Having a bankruptcy mark against your record could be a large deterrent for the employer.
Before you file for bankruptcy you should consider getting a bankruptcy evaluation from a professional attorney. They will be able to review your situation, personally, and help you decide the best course of action. Many people are pleased to discover that there are so many more options available to them for debt relief that they never file for bankruptcy relief.
Personal bankruptcy may, in the end, be the option you need to find debt relief. However, before you decide, have someone review your finances and see if there are other routes to take. You do not have to select a decade of poor credit reports when there are so many programs that can help.
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