The idea of wiping out debts and ending nasty phone calls from debt collectors sounds too good to be true for anyone faced with a large amount of debt. It can be done; But be careful, it will not get rid of your student loans and as good as it my seem, bankruptcy has long and short term disadvantages. A bankruptcy can stay on your credit report for 10 years, making it difficult, if not impossible, to keep accounts with banks and credit card agencies. This will also impact your chances of buying or leasing a home or car. In addition, bankruptcy could quite possibly keep you from getting a job. Today, many employers look into your credit history before deciding whether or not to hire you. So you should only look at bankruptcy as a last resort rather than a quick fix.
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That being said, filing for bankruptcy in most states will allow you to keep the home and car you already own. This allows you to get started on rebuilding your credit and restoring your quality of life. Yes, filing for bankruptcy is not a good thing but if it allows you to regroup and start fresh, it could be a good thing later down the road. With the state of our economy, bankruptcy has become more acceptable than in the past. Nobody can predict the future but many financial experts believe that people who file for bankruptcy today, will recover a lot faster than those who filed in the past.
Bankruptcy can be extremely embarrassing and even humbling, but if your desperate for help that might now matter. Before you consider filing for bankruptcy, make sure to seek the advice from an experienced bankruptcy attorney and, seek alternative options such as getting a loan or consolidating your debt.
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