Making decisions out of fear or desperation is never a good idea, and this is especially true when it comes to your finances. If you think that bankruptcy is the only way out of your problems, you may be right. Then again, you may have overlooked some serious options to help you get out of debt without ruining your credit or financial reputation.
Before making the plunge into the world of bankruptcy proceedings, you want to make sure to look into other possibilities so you know what you're getting yourself into. You should keep in mind the ramifications for your financial future. Even though declaring bankruptcy is not the end of the world (or even the end of your financial life), it is a big deal. It does take time to recover from a Chapter 7 filing.
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Here are three questions you should ask yourself before declaring bankruptcy.
1. Have you explored other options carefully?
Like we said before, you don't want to file bankruptcy hastily. You need to consider all of your options from credit counseling and debt negotiation to getting a part-time job for extra income. Counseling services may not be good enough if your debt problems are severe, and getting a part-time job is not always feasible depending on your circumstances like health and family obligations. Still, these options need to be studied thoroughly.
2. What kind of debts do you owe?
Certain kinds of debts are more difficult to discharge with bankruptcy, and these include student loans and federal income taxes. This does not mean that it would be impossible to get rid of these obligations, but it is more challenging.
3. Have you spoken with a professional?
You need to make sure to get all the advice you can before making a final decision. Continue to read articles about the subject so you can be ready when you visit your bankruptcy lawyer. All of this advice and material can help you make a more informed decision, which is crucial considering the effects on your financial future.
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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