In today's tough economy, millions have lost their jobs, taken pay cuts, or found themselves buried in debt to make ends meet. So many people look to bankruptcy as the only answer to their financial troubles. But is this important decision always the right move? Those people considering this choice have numerous questions regarding the consequences involved such as Can I lose my home during the process? or Can I file for bankruptcy if I haven't filed taxes? Read on for answers to the Top Three questions and some alternatives that you might consider.
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Disclaimer
I am not an attorney and therefore cannot offer legal advice on bankruptcy. You should consult a qualified bankruptcy attorney before making a decision that could alter you finances for such a long period of time. I can, however, share what my research has taught me about bankruptcy and the consequences involved, so that people have a better idea of what they will encounter during or after the process. Having been involved in Corporate America for many years I have seen the results of bankruptcy on businesses and individual families, and the outcomes are varied. Make sure that you do your research and know your options.
The Top 3 Bankruptcy Questions:
1. Can I lose my home during the process? In many cases, bankruptcy can stop the foreclosure on your home by offering a temporary stay. This allows time to negotiate a solution with your creditor.
2. Can I file for bankruptcy if I haven't filed taxes? Taxes can generally be discharged through bankruptcy if they are at least three years old. Income taxes less than three years old cannot usually be discharged.
3. How will this affect my credit rating? A bankruptcy filing will remain on your credit report for up to 10 years. It is possible to begin repairing credit after filing, but it does have a major negative affect on your ability to get future credit.
Alternatives to Bankruptcy
There are several courses of action to investigate as alternatives to bankruptcy. These are often preferable to the negative consequences of a filing. Do your research on these bankruptcy substitutes:
- Stop Harassment/Negotiate - If your main concern is getting creditors off your back you can take advantage of the many federal and state debt collection laws that protect you from abusive debt collector conduct. If you have available income or other assets you are willing to sell then you are probably better off dealing with creditors directly; and they may even agree to settle your debts for less than you owe.
- Debt Counseling - If you aren't comfortable negotiating for yourself, a non-profit debt counseling agency such as Consumer Credit Counseling Service can work with creditors and put you on a repayment plan to help your situation. However, be aware of unscrupulous companies that tell you they will discharge most of your debt if you pay them to fix your financial woes. These companies will not help your financial situation.
- Make More Money! - You are usually considering bankruptcy because your debts far exceed your income. There are many valid reasons for this and many families have faced hardships that they cannot control. But additional income can alleviate some or all of the financial distress in your life. If you have a job but need more money at the end of every month, or you are currently out of work, then finding an additional legitimate income stream can be the answer to your financial troubles. Just make sure that you do your due diligence and seek out the help necessary to find the right fit for you and your family.
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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