As we all know, in today's economy it is getting harder and harder to pay off the bills, not just the every monthly bill, but everything else in between. Just the word bankruptcy puts thoughts into people's heads that one cannot handle their debts and are looking for an easy way out as to not paying what they owe. For many people yes, that is true, there are those who think it solves all their problems. Others feel bankruptcy is the last resort if at all.
It was at one time so easy to file for bankruptcy, whether it is personal or business. Since new laws came into effect in 2005, it is much harder to do so. Before going with filing bankruptcy eliminate all other possible solutions such as taking out a loan to pay off all debts, therefore you would only have one bill to pay per month; many will try to negotiate with the companies you owe money to, many of them will work with you.
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But if everything has failed and one must file for bankruptcy you will first have to take a credit counseling course for at least six months, this helps one to find alternative ways to pay off their debts. Always go with a counseling agency that is accredited by our government. Filing for bankruptcy is a very long and drawn out process, so many suggest hiring a bankruptcy attorney as they can help with filling out the forms and advising you what to do next. Do not falsify any information, if it is found out, you could face more problems.
Filing a Chapter 7 bankruptcy this will release you from all payment responsibilities to any all of your creditors. If one does not qualify for Chapter 7 they are put under Chapter 13, which is a repayment program for a certain amount of time. Your pay check can be garnished and a certain amount of money be taken out each month to pay off the debt.
Do not for a minute think that bankruptcy is the way to go and you will be able to hold your head up, it still holds that stigma that will continue with you for years to come. Filing bankruptcy will stay on your record for seven years, seven long hard years. So think twice before filing, it could cost you more than just money it could cost you your family and friends.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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