Most of us do not have a clear idea of the actual implications of declared bankruptcy. Simply standing in front of the court and declaring bankruptcy is not the end of the story. In fact, it is just a minor point. First, you will have to get in touch with the bankruptcy attorney to find out whether you qualify for bankruptcy. Surprised? What is the opinion that bankruptcy is your right? Well, the court will decide whether you qualify for chapter seven or chapter thirteen bankruptcy. You may get relief but the nature of relief something that is not within your control.
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Secondly, the process of elimination of debt will not begin anytime soon. The law will take its own course and all the assets will be valued and accessed and sold off. Then the lenders will be invited to inform the court of your liabilities. Any dispute that you will have to be sort out. If your lender counters your arguments, then there will be along protracted problem where both the parties fight on the actual amount owed. Until this dispute is solved, all other loans shall be kept pending. Needless to say, your life will be dominated by the bankruptcy proceedings. There are instances where the proceedings have been completed very quickly. However, you never know whether that will be the case with you or not.
Once you have completed all this process that is when you realize that the problems are just beginning. You will have to suffer a huge hit on your credit history. Further, you will find it difficult to get back to your ordinary standard financial life. Credit card issuers always last to receive the payment as far as bankruptcy is concerned. Hence, you will find that you of course to make use of a debit cards all the time. Booking holiday tickets on the World Wide Web will become difficult if the vacation agency or the hotel insists on credit cards. Again, these are small points but all this will have a significant impact on how comfortable you lead your life.
If you go in for a debt settlement, you will enjoy all the benefits of debt relief and you will enjoy debt reduction without any of the problems associated with the bankruptcy. A debt will come down by more than half, you will have opportunity of repairing your credit score by repaying the balance and everything will be completely private. As far as outside world is concerned, you would be a successful individual with no financial problems.
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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