Bankruptcy is a legal
court process that gives debtors a fresh financial start. Through
bankruptcy, debts may be eliminated or a debtor may be given additional
time to repay debts. Certain debts are not forgiven through bankruptcy.
For example, child support, spousal support and some student loans
are not forgiven.
Filing for bankruptcy
does have some advantages. Once bankruptcy is filed, most debt
collection must stop at least temporarily, and further collection
efforts are allowed only if the bankruptcy court gives permission.
In addition, a debtor who goes through bankruptcy is given a fresh
financial start. The debtor will be able to keep some assets,
depending on your states laws.
filing for bankruptcy also has its disadvantages. Information
regarding bankruptcy stays on your credit report for ten (10)
years. Someone who has filed bankruptcy may have difficulty getting
credit or may be offered unfavorable terms. In addition, someone
who has filed for bankruptcy may even have difficulty renting
before going ahead with the filing for bankruptcy, you may want to first consider a less drastic approach called debt settlement. This can help you dramatically reduce or get out of
debt without the repercussions of a bankruptcy.
Alternatively, if you are ready to evaluate bankruptcy as a solution, please request a free bankruptcy case evaluation.
Free Bankruptcy Case Evaluation
Schedule a free, no obligation call with a bankruptcy attorney local
to your area by filling out the form below or simply call 877-444-8193.
Whether filing for bankruptcy or choosing to repair your credit,
it is crucial that you have a recent copy of your credit
report at your finger tips to see an accurate list of your
creditors. Get your credit report now!
you have problems with the IRS you should know that bankruptcy
will not help you - you will still owe your outstanding taxes
even if you file bankruptcy.