bankruptcyguidereviews - Tumblr blog

bankruptcyguidereviews · 2 years

Photo

Is Filing Bankruptcy Right for You?

For many people, bankruptcy sounds like a freeing option and also a terrifying one. It can be a complicated process, but it is the best option for many people struggling with excessive debts. Here are a few questions to ask yourself if you are considering bankruptcy.

Will Bankruptcy Get Rid of My Debt?

Bankruptcy does not get rid of all types of debt. It will get rid of most unsecured debt, including medical bills and credit card bills. However, bankruptcy will not discharge debts such as legal fines, child support, alimony, and student loans. If most of your debts are not unsecured debts, filing bankruptcy may not be helpful.

Will Bankruptcy Stop the Harassing Calls and Letters?

Yes! If calls, collection notices, and other attempts to collect on debts are ruining your life, you should consider bankruptcy. For many people, gaining peace of mind makes the process entirely worth it.

How Will Bankruptcy Affect My Credit?

Bankruptcy definitely affects an individual's credit rating. However, it is not as bad of an effect as many people think. A bankruptcy will be on your credit record for up to ten years. In many cases, however, a bankruptcy can help you to begin rebuilding your credit score. You will never be able to gain good credit while you have more debt than you can pay. If you file bankruptcy and immediately begin building credit, your credit may be better off in the long run.

Will I Lose My Home and Car?

The answer to this question depends on your individual state laws and the type of bankruptcy that you pursue. Some states will make an exemption for your primary residence as well as a personal vehicle. If you have concerns about whether you can keep these, talk to a bankruptcy lawyer. However, it is important to remember that many people stand a good chance of losing their home and car if they don't discharge debts. Bankruptcy can leave you enough money to continue to pay for these necessities.

Can I File Bankruptcy Without a Lawyer?

It is technically possible to file bankruptcy without a lawyer, thus paying only filing fees and other miscellaneous expenses. However, this is rarely recommended. In many cases, a lawyer will save you more money than they cost. Many people end up complicating their bankruptcy by trying to handle it themselves, or even being denied bankruptcy because of simple mistakes. You should consider waiting to file papers until you have a lawyer to consult with.

Whether to file bankruptcy is a very personal decision that will depend on your unique circumstances. It is important to truly consider the pros and cons of the situation before making a final decision. Filing bankruptcy - or deciding not to file it - is a decision that will likely affect you for the rest of your life.

https://edmondbankruptcy.com

0 notes