Monday, April 16, 2012
Should I Consider Bankruptcy?
The decision to file for bankruptcy requires a careful weighing of the advantages against the consequences. Because the consequences of bankruptcy can be severe, filing for this debt relief option should typically be a last resort. After filing for bankruptcy, you may face:
- Very poor credit
- Inability to keep a bank account open
- Exclusion from applying for certain jobs
- Loss of valuable personal possessions and property
Chapter 7 bankruptcy remains on your credit report for 10 years, and Chapter 13 for seven years. An experienced bankruptcy attorney or financial advisor can help you determine whether bankruptcy is the right way to resolve your debt and stop the barrage of phone calls from creditors.
Of course, the consequences of bankruptcy are far outweighed by its benefits for many individuals facing mounting debt. In some cases, debt is eliminated so you can begin fresh. In other cases, you may be able to pay off your debts over a number of years with the benefit of having creditors barred from contacting you.
If you are facing insurmountable debt, you should carefully consider all of your options under the guidance of a financial advisor or debt relief professional. If you decide to move forward with a bankruptcy filing, it is highly advisable to hire a bankruptcy attorney. Your attorney will protect you and your interests.
To learn more about whether filing for bankruptcy is right for you, please contact an experienced bankruptcy attorney in your area.