What You Can Lose in Bankruptcy, Part One

Bankruptcy offers a way out for those who don't have any other means of solving their financial troubles. To those who are smart enough to plan ahead and plot out their road to recovery, bankruptcy can be a financial rebirth. But let's face it -- not everything about bankruptcy is great, and there are certain consequences you'll likely have to deal with for a while.

There are actually two ways out of financial trouble -- Chapter 7 and Chapter 13 bankruptcy. You'll need to know the advantages and disadvantages of bankruptcy to go into things with both eyes open.

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First of all, remember that you stand to lose your assets.

When it comes to Chapter 7 bankruptcy, you'll be forced to liquidate all your non-exempted assets to pay your debts and bills. The thing is that those who apply to Chapter 7 don't have many assets to begin with. If that sounds like you, then you may not have to give up most of what assets you do have left.

But be careful -- you may also stand to lose your home after you file for bankruptcy, or at least lose most of its value.

Homestead exemptions vary from state to state, so it's always a good idea to discuss this issue closely with your bankruptcy attorney. This is important if you don't want to lose your house just by filing bankruptcy.

Secondly, remember that bankruptcy is a black mark on your public record.

Bankruptcy will always have an effect on your financial standing in society. In most cases, people may look at you as financially irresponsible. But don't let this negative image stop you from filing, especially if your money problems are so huge that there's no other way out besides bankruptcy. In these cases, you really shouldn't worry what other people think.

If you live in a place where there are lots of people, people probably won't notice that you filed for bankruptcy. But creditors and banks will probably notice once you try to do business with them again. It'll take a while before they can trust you again, but if you're sincere in recovering financially, they'll warm up to you eventually.

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