Sometimes it so happens that you fail to repay the debts that you owe to your creditors and your position is such that you are left with no other way to get them their money. No matter how much you try, there is no solution of paying the money back. The continuous financial challenges have almost crippled you mentally and you feel stressed out thinking about how to pay the money. Your sleepless nights start taking a massive toll on your health. In such a situation what you can think of doing is filing for a bankruptcy. Bankruptcy is the last option that you can think of. Though there are several other options that you can opt for instead of filing for a bankruptcy, it is still considered as one of the best and simple debt solutions that can take care of your present situation. However, before you get into the filing procedure, it is equally important for you to understand what it is all about, how it works and what you can expect out of it after the filing procedure is completed.
Bankruptcy – Your Last Resort to Debt Solution
Bankruptcy, in certain circumstances, is a way of starting everything fresh. However, one thing that you need to keep in mind is that bankruptcy should always be thought of only when all other options have been tried out by you but none of them worked. There are a number of reasons why you should file for a bankruptcy only when you have no other way. One of the main reasons is that the aftermath of bankruptcy can be extremely serious. It will affect your credit very badly. Other than your credit points, it will also affect your property including your job and pension. You might need to sell away your assets.
It is not that every individual can file for a bankruptcy. The recent legislation has made it quite tough for those who have overspent for qualifying for the bankruptcy protections. You will require undergoing credit counseling before filing for bankruptcy. Also, you will be asked to complete a debtor education class before the procedure is completed.
The laws governing bankruptcy are specific to every state and your situation. Filing a bankruptcy cannot be handled by an individual. You will have to hire a professional bankruptcy attorney to get you through the whole process. Although this is not something mandatory but it is always a better thing to do. You have to give fees for filing your bankruptcy other than paying up the attorney.
All the unsecured debt is not dischargeable. As a result, declaring bankruptcy might not remove all your debt right away. Bankruptcy are of two types, which are Chapter 7 and Chapter 13 wherein you might end up having a monthly payment for paying back all or may be a partial sum of your debt instead of the whole money. This is one of the simple debt solutions that you can consider when nothing works for you.
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