Filing For Bankruptcy


Filing for bankruptcy is when someone legally declares that they are unable to re-pay debts to creditors. For consumers with massive debt problems, bankruptcy can provide a last resort. However, it is vital for people considering this as a form of debt relief investigate how filing for bankruptcy will impact their life, both in the present and in the years to come.

EFFECTS OF BANKRUPTCY

One of the greatest misconceptions about bankruptcy is that it will erase all of an individual’s debts and let them start over fresh. The fact is that only a small fraction of filers will get rid of all debts.

Certain debts like student loans, alimony, child support and recent non-essential purchases will not be included in a bankruptcy. Additionally, judges frequently require that the individual sell off assets like cars and homes in order to pay creditors.

Bankruptcy is a public affair. Regardless of what any bankruptcy attorney may imply, it is a legal proceeding and a matter of public record. And in the internet-age, it is just that much easier for anyone from a potential employer to a nosy relative to find the record of a bankruptcy.

After filing for bankruptcy, it is almost impossible to qualify for any type of credit for a number of years. And once an individual is able to get credit, fees and interest rates are guaranteed to be the highest anywhere. Bankruptcy is a blemish that can prevent you from renting a home or apartment, from holding utilities in your name, from getting a job and from performing a multitude of other tasks that are requisite for daily life.

DebtHelp-USA can help you with making your decision on whether bankruptcy is the right path for you. Contact us using the form above and we'll get back with you on a specific plan suited to your needs.

More Information on Bankruptcy

Filing Chapter 13 Bankruptcy

Filing Chapter 7 Bankruptcy

Filing Chapter 11 Bankruptcy