Bankruptcy is not the quick fix many people believe when it comes to your financial woes. If at all possible, you should avoid bankruptcy and considered other alternatives available.
There are a number of reasons why you should avoid bankruptcy:
1. First and foremost you will need a good bankruptcy attorney, someone who knows and understands the law and system.
2. Chapter 7 bankruptcy involves taking all your assets and properties. Losing your assets and properties could mean you will be homeless. You may also find that many landlords and rental agencies will look at your credit report before approving a lease, making it difficult to lease a new home.
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3. A chapter 13 bankruptcy can allow you to keep your personal assets but a repayment plan will be setup to repay your creditors, with the repayment plan taking up to five years to complete.
4. Not all of your outstanding debts could be wiped clean if you file for bankruptcy, heaping more misery on your already troubled shoulders.
5. Your credit score could be severely affected and should you require credit when your circumstances improve, that might prove difficult to obtain.
Filing for bankruptcy is not always the quick fix many people believe, and there is so much to think about on top of all the other problems you may have. Before you do file for bankruptcy do your homework and don't rush into it. You should strive to avoid bankruptcy and make it your last resort after trying other alternatives first.
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