Nobody wants to voluntarily declare bankruptcy. Doing so is like admitted you have failed financially and there is also the psychological stigma associated with it which can allow you view yourself in a very negative light. Bankruptcy is a major financial process and especially with the new laws in place, it is not something that you can do just because you are tired of the never-ending calls from your creditors.
Bankruptcy alternatives are sought by millions of Americans every year. Bankruptcy alternatives include credit counseling, renegotiation or having a co-signer such as a spouse or relative. Debtors can be forced into bankruptcy through an involuntary petition filed by creditors. The goal of seeking a bankruptcy alternative is to not only provide financial relief but also to relieve the everyday stress and anxiety that comes with being overwhelmed with debt.
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But before you even get to that point, are you sure that you have absolutely no bankruptcy alternatives that would work out better for you? Most people are not intimately familiar with the financial industry, and therefore are very likely not familiar with various options that might be available to them, all of which are very probably a better option than going bankrupt. Keep in mind that this is serious business, much more serious than a game of Monopoly, where going bankrupt is met with jeers from fellow players and gives you time to go get another beer and do something else.
So how do you find out how to avoid bankruptcy? Like anything else, you need to do your homework. Since the world of personal finance is very complex, again like anything else, you talk with someone who has a complete understanding of the industry and can knowledgeably advise you as to what your options are. If you cannot avoid bankruptcy, then you will be told what you can expect, how long the process will take, and most importantly, the ramifications of your decision.
You need to understand that bankruptcy does not automatically mean that all of your debts are wiped clean. That is what most people think but when you get right down to it, there are several gotchas involved. For example, it is the court's decision, not yours, as to which chapter of bankruptcy you will be approved to file. If you are approved for chapter 13, your debts are reorganized and you are still required to pay them, albeit at a lower monthly cost to you. Chapter 7 is the one that wipes the slate clean but even then, there are several types of debt that cannot be eliminated via any form of bankruptcy, so if your debt load is made up in large part by these kinds of financial obligations, then filing is doing going to do you a bit of good.
To really see and understand what is going on with your particular and unique financial situation, your best bet is to get a bankruptcy evaluation from an experienced and qualified bankruptcy lawyer who understands the laws, both federal as well as how those laws apply in your state. They can advise you, after examining your financial situation, what your options are and what chapter you would qualify for.
You cannot make sound decisions about how to move forward if you do not know what your options are and what to expect if you follow through on a filing. Get an evaluation done today so that you can understand if you can really avoid bankruptcy.
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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