|Is bankruptcy for you?
Is bankruptcy for me? That is a question
that many are considering now days. The economy just
seems to be getting worse and worse and jobs are being
lost daily by the thousands. Debts are pilling higher
and higher and there is just not enough money. You have
tried to figure out a way to pay the bills but you just
can't. Bankruptcy could be for you if you are not planning
to buy a house in the next 8 - 10 years, since bankruptcy
can reduce your chances of that happening.
After sitting down and trying your
best to find a solution to your money and debt problems
then and only then should you actually decide on bankruptcy.
Making a list of pros and cons can help you decide.
There are certain things that you can include in a bankruptcy
and things that you cannot. Things that can be included
are: medical bills, unsecured debts, credit cards, cars,
repos, and houses. You can of course keep some things
out of a bankruptcy filing such as your home and your
Upon beginning to fill out your bankruptcy
papers you will have so much to think about. The bankruptcy
laws have changed so much over the years it may be even
harder than you thought to file bankruptcy on your debts.
Bankruptcy eliminates your debts but it also eliminates
your chances of obtaining loans and credit afterwards.
You will be hit with huge interest rates that may make
paying for things just as hard before and paying more
than what the item was worth in the first place. It
sounds so great that the harassing phone calls will
stop but think about your future. You will want to think
very hard before filing those papers because there is
no turning back after they are filed.
Bankruptcy can cost a pretty penny
to file also. Many companies have taken out bankruptcy
protection so filing for some debts may be a whole lot
harder than you thought. Settling on your debts may
be better that just eliminating them with bankruptcy.
It can also take years to get your credit rating back
to normal compared to just trying to do it on your own.
When it comes to filing for bankruptcy
make sure that you have thought it through completely.
Be sure to read through all the papers and do research
on the effects of bankruptcy. Obtain information from
bankruptcy specialists such as www.BankruptcyOptions.com.au.
Bankruptcy can be either a good thing or a bad thing
depending on your situation. Take the time to think,
it may help out in the long run.