Bankruptcies are viewed by many as a get out of jail free card, that is completely inaccurate. Here is what you will have to put up with if you decide to go through with a bankruptcy:
1. You have to narrow down your financial options and decide on going through with a bankruptcy. If you have a problem with your mortgage short sales and foreclosures are available. If you have a problem with credit card debts you can undergo credit counseling and negotiate with your creditors.
2. You have to contact a bankruptcy attorney and undergo credit counseling. A bankruptcy attorney is not mandatory, but it is a good idea. If you are in this position you have made a mistake financially, you do not want to make any more! In 2005 new laws were passed that demands everyone wishing to go through a bankruptcy to undergo credit counseling. There are few free credit counseling options available.
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3. You have to pay a 250-300 dollar fee just to file the report!
4. You have to wait 4-6 months for your case to go through. These months are grueling, you do not know what the outcome will be, this will be one of the pivotal points in your life!
5. You will either still have to continue to make payments on your assets if you wish to keep them, or you will be required to give up the majority of your assets.
Bankruptcies are not glamorous, they are a last option.
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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