You may come to a point in the road where you need to seriously consider the possibility and implications of bankruptcy. First of all, do not let your decisions regarding bankruptcy be influenced by any so-called stigma related to filing for this protection. Many very successful people have filed bankruptcy at one point or another in their lives. What made them successful was that they took the opportunity bankruptcy protection can offer, and used it to turn around their financial affairs. After all, that is what bankruptcy is all about.
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Bankruptcy can offer you the opportunity to reorganize and repay your creditors or start all over from scratch, depending upon which filing you choose. This should be seen as the chance for a new start that it represents. Bankruptcy may very well be your only option at this point, but it is not an entirely distasteful one.
It is true that the bankruptcy will stay on tour credit report for ten years. But that does not mean that you won't be able to obtain credit for ten years. Many people receive a lot of credit offers after their bankruptcy has been discharged. That is because these lenders realize that you no longer have the cover of bankruptcy if you cannot make these payments, so they feel more certain that you will.
In fact, you will probably receive so many credit offers after your bankruptcy has been discharged, that you need to be very careful about accepting any of them.
Bankruptcy in business has long been an accepted practice. In fact, many high leverage business negotiations are conducted with the threat of bankruptcy hanging in the air to get better interest rates and extend credit limitations.
Personal bankruptcy is becoming more a tool of the middle-class as they face unprecedented interest rates on credit cards and soaring mortgage payments. This option simply does not carry the stigma that it once did.
If you feel that you are squeezed to the point of popping, facing short sale or foreclosure on your home, talk to a bankruptcy attorney. You will be surprised to find out how many people just like you are seeking this consultation. Do not sacrifice your home or your possessions that you have worked so hard to acquire over some false sense of pride. When making a determination on your financial future, bankruptcy does not spell failure. It can spell, do-over, instead.
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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