Should you declare bankruptcy? A bankruptcy filing is the only legal way to get rid of your financial setbacks. However, the process of filing for bankruptcy is easier said than done. Hello 2011! Over 1.5 million Americans filed personal bankruptcy in 2010 according to data released by the American Bankruptcy Institute. This was up 9 percent from 2009. This is the highest level since new bankruptcy laws were enacted in 2005 which made it more difficult for Americans to shed their debt.
A bankruptcy posted on your credit score is not your only option. A government grant can be availed by many American citizens to pay their debts off. To declare bankruptcy is a big decision and should not be taken without bankruptcy advice and research. The bankruptcy process is not something you should do without looking at the consequences and the need to seek the views and advice as to all the filing basic details from a good bankruptcy lawyer or personal finance coach. Here are some more positive points in favor of declaring personal bankruptcy. Credit card debt relief and the process of the courts is a drastic step and although less and less, there is still stigma attached to the label.
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Without risk there is less chance of reward and the higher the risks the higher the chances of loss, so while society encourages risks and celebrates resulting success, prudence is usually the best policy. Declaring yourself bankrupt is a very serious step and it can take up to 12 years before you can 'start again'. The Money Advice and Budgeting Service (MABS) recommends that you should try to negotiate an affordable and sustainable arrangement with your creditors before considering bankruptcy.
Claiming or filing basic bankruptcy is a very personal decision. For some people, there are other possibilities to get out from the debt they owe, for example through debt consolidation or to negotiate with your lenders, as well. Relief from the burden of money slavery is one way of dealing with debts you can no longer manage. An individual is defined as being bankrupt when they are relieved from paying all debts once their assets have been surrendered to an appointed third party.
Know your options and know your assets and go through the process and take the time to review your situation before taking the step of declaring yourself bankrupt, and to get an answer to the great bankruptcy question: Should I file chapter 13 or 7? Visit our site below.
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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