Especially in America current economic situation Americans are using more and more credit and bankruptcy is happening more and more. Bankruptcy seems like an easy way out but, it may cost more than you may think. The decision to file for bankruptcy will usually follow a person for 7 or even 10 ten years and you must understand what it may mean to your life.
Bankruptcy Filing Cost
For the last few years there have been many new bankruptcy laws and amendments added and the cost to file bankruptcy has steadily risen. A few years ago it may have cost only a few dollars to process a bankruptcy application, today it may cost a few hundred.
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Bankruptcy Attorney Cost
The largest cost when it comes to bankruptcy is bankruptcy lawyer fees. Some lawyers may save you money, but others may just drain your wallet. Make sure that you do a lot or research into the bankruptcy lawyer that you choose to help you. The best way to do this is to look for reviews online from past clients of the lawyer.
You will have no Credit for up to 10 years
After you file for bankruptcy the credit rating will follow you for a long time. Be prepared to wait 7-10 years before you are able to use any credit or apply for any loans. Some people do manage to get a loan or some credit but, you will have to pay interest at a higher rate than normal since you are considered a risk.
High Insurance Premiums
If you have an insurance policy you will pay much more than a normal insurance premium.
Rebuilding your credit will take a very long time but it is doable. The best way to raise your credit rating is to take a loan that you already have the money for and pay it off in a timely fashion. After filing for bankruptcy you can regain your credit it will just take some time.
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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