Filing personal bankruptcy can be a solution for reducing your debts. However, like all financial decisions, this is not something that can be done on a whim. You need to understand that there will be both benefits and repercussions when you file for bankruptcy.
These repercussions will not be short-term either as they can have an effect on your career and on your credit score for almost a decade. Your financial condition may be greatly affected by the decision to file for bankruptcy especially if you plan to buy a house or a vehicle, or apply for a loan. There are different kinds of bankruptcy and you may not know which is right for you. There may be alternatives to bankruptcy that may serve you better and help protect your hard-earned assets.
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Before filing bankruptcy, it may be best to take the opinion of one or two experienced bankruptcy lawyers on what is the best course for you to take.
A good bankruptcy lawyer will assess your debts and income, and advise you on further action to be taken based on your expenses and priorities. If the attorney suggests bankruptcy alternatives, you can discuss negotiation with creditors to reduce your debt. The attorney may suggest that you tackle the unsecured debt first as it carries the highest interest rates. You can even have the bankruptcy lawyer represent you in negotiations with creditors. An experienced bankruptcy lawyer can help reduce your debt burden regardless of whether you are filing personal bankruptcy or not.
If you are in a financial mess, your bankruptcy lawyer may advise filing personal bankruptcy after all, and will do the means test to decide whether you are eligible to file chapter 7 bankruptcy in which case there is a good chance all your debts may be written off, but you will lose all your non-exempt assets in the process.
If you need to file chapter 13 bankruptcy, then you may not lose your assets but your creditors will need to be paid. You will also need to attend credit counseling sessions prior to filing.
Filing personal bankruptcy is not your only option - you can talk to a bankruptcy lawyer or an accountant about ways to avoid declaring bankruptcy and save your assets. There are programs such as HAMP which allow you to modify your loan and protect your home from foreclosure for non-payment of debts. You need to explore multiple options before deciding on a course.
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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