Ar you one of those people that has given bankruptcy some serious thoughts Did you grant serious consideration on how this will affect your life? Are you aware of the long lasting consequences it can have?. It may seem like a quick fix, but you need to consider the advantages and disadvantages before you proceed with it.
The first thing you need to consider how bankruptcy will affect your credit score and for how long This means that it will be at least seven years before anyone might consider giving you credit.This can be a big problem if for instance you need to get a student loan to send your child to college
Remember in order to file bankruptcy you need to hire a good attorney which can be expensive The bankruptcy laws were made more stringent in 2005, which made it more difficult to get protection under these laws. If you do not succeed in court you still owe the lawyer his fees and could end up in a worse situation.
Were you also conscious that the court can order that your property be sold in an auction. They simply can go to your house under a court order and take what they consider sell able to pay creditors This is something you definitely want to stay away from. Are you willing to go through this embarrassment and loss?
Another factor to consider is if you have you own business, you might have to close or sell it after bankruptcy So in effect it would not only be hurting you but employees and customers This will make it very challenging to start a new business since you will have lost the most vital intangible asset your goodwill.
You should ponder that f the court does grants you bankruptcy it is made public and you must deal with social disgrace attached to it. So what are your alternatives? It is preferable to seek other debt credit solutions for debt reduction first. You have the option of debt consolidation and debt settlement to decrease your debt and monthly payments. Get a free consultation from a reputable company that can help you look at the best options for you. {Bankruptcy may sound like a great solution, but when you see the pros and cons, it really is not the best alternative.|Bankruptcy should be your last option when there is not other out, first try to find other
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I have been in the finance industry for many years and enjoy writing articles to help individual seek Debt Credit Solutions . If you would like to see other articles that I have written please visit Debt Credit Help
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