Is Bankruptcy the Right Choice For You?

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Legally Get Out of Debt

Many people who have found themselves overloaded in debt, are asking if bankruptcy will legally get them out of debt? The answer is yes for certain bills. For the most common bills people have such as credit card debt, medical debt and unsecured debt Bankruptcy would work. If there are monies owed from a repo of an automobile loan or a foreclosure, these can also be wiped out at the end of your Chapter 7 bankruptcy process. If you are filing a Chapter 13 Bankruptcy, then most likely, you would have to repay a portion of your debt through a repayment plan. The amount to repay would be decided by the Court.

Debt such as back spousal or child support owed, student loans, and federal and state taxes are exempt from the bankruptcy. In other words, you are stuck with having to pay these. Bankruptcy will not help. Talking with these entities to get on a payment plan or some other form of financial agreement to resolve these issues are needed.

Many people argue against filing bankruptcy. Bankruptcy has side affects. It will stay on your credit for up to 10 years and your credit history will be wiped clean. Rebuilding your credit will start the day the bankruptcy process has been finalized. Some employment opportunities could be in danger if they do a credit check and see a bankruptcy. Buying a house, for at least a few years, can be difficult. Some creditors may think differently. Your Bankruptcy has caused you to be debt free and you can not file another Bankruptcy for seven years, thereby possibly starting you off on a low amount of credit.

The thing with Bankruptcy is that it gives a person, who is hounded by creditors, a chance to start over. If every day of your life you continue to get phone calls and letters threatening to take you to court over monies that you absolutely can not pay back, then seriously considering Bankruptcy could be a worthy thing to do.

If your decision is to file Bankruptcy, make sure that every step of the process is done correctly and in the time frame that is given. If information is not turned in and on time, you are not complying with what needs to be done to make your Bankruptcy a success.

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