If you are thinking about filing bankruptcy, you have found yourself in a situation where debt is something that you can't seem to get away from. Every year, there are many people who file for bankruptcy, and for some of them, it is a wise decision. On the other hand, it is important to remember that bankruptcy isn't a cure all. Filing for bankruptcy is something that should really be used as a last resort and if you are thinking about whether it is a good option for you, there are definitely many things to consider first before jumping in with both feet.
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The first thing that you will notice is that in this harsh economic climate, there are lots of people who are filing bankruptcy. It sounds very appealing, after all. Theoretically, when you file for bankruptcy, all of your debts are rendered null and void and you are in a good position to start over. However, it is very important to think about the fact that bankruptcy will not cancel all of your debts. For instance, child support and alimony are only two things that cannot be banished in this fashion.
Another thing that you need to keep in mind is that bankruptcy is the worst thing that can happen to your credit report. This is definitely something that can be planned for, but it still needs to be considered. When you are thinking about filing for bankruptcy, you will find that the more information that you have, the better. Always make sure that you consider the consequences that it can have for you and your family, the least of which is that it will be a huge negative comment on your credit report for the next 7 to 10 years.
You must also make sure that you go into bankruptcy filing with a thorough understanding of the process. In the first place, you will find that there are different chapters that can be filed; under the Bankruptcy Code of the United States, there are six different chapters. Most individuals will find that they fall under a Chapter 7 designation, where there is a liquidation of debt for businesses or individuals, or a Chapter 13, which includes a payment plan.
Before you jump in with both feet, remember that if your income is too great that you may not even be able to file for bankruptcy that will eliminate all of your debt, no matter how much of it you have! Bankruptcy is something that should be entered in with only a large amount of deliberation and a careful weighing of your options.
Take some time and really think about what you know about filing bankruptcy. There is a reason that all experts advise filing for bankruptcy with the help of a lawyer and you will find that the more you know about this process, the better off you are going to be in the long run. In fact, the vast majority of people who have filed in recent years have said that they would never do it without the help of a good bankruptcy attorney, who saved them much more than the cost of the legal fees over the course of the process.
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