Strategies For Dealing With Debt and Bankruptcy
Are you planning to file bankruptcy anytime in the near future? If so, there are many considerations that you must think about prior to filing, such as, what effect will this have on my job? How will this affect the way our friends and family think about us? Today more people than ever are turning to private bankruptcy as a means of solving their fiscal problems.
Guesses indicate that 2009 will see a huge increase in filing for bankruptcy because of the economy and the foreclosure mess.
If you have $60,000 in debt, and you will never earn more than $1,200 a month, then you are broke.
There is no other way to look at it.
The earlier you eliminate the debt, the earlier you may have a fresh start and get on with your life.
However, if your debt is in the manageable range, say under 20K and you make 2K or more a month, there are other options.
There are more expenses related to bankruptcy that make it a particularly bad solution for the majority.
Depending on what state you live in, you should be prepared to pay anywhere from $800 on up to $3000 for the entire process, and that's assuming there is not complicated issues to be resolved.
The bankruptcy will stay on your credit score for ten years and on your court records for twenty years.
The outwardly low cost system will cost you dearly as it will follow you for the remainder of your life.
Consider trying to find your dream job after you have filed bankruptcy.
Nowadays, employers will run a credit history to ascertain how you fared financially.
This can effect if the employer will give you that dream job or not as many employers, fairly or not, do believe that a bankruptcy shows you to be of poor judgment and moral character.
Future purchases are influenced as well.
After many years, you may decide to buy a home.
Your interest rate can be considerably higher and will cost you a lot more in payments each month.
If you haven't any choice, then you need to proceed, understanding the implications.
Remember that private bankruptcies are customarily non-essential as there are better options available.
If you are being hounded by irresponsible and extremely aggressive collection agencies, you do have other remedies besides filing for bankruptcy.
In conclusion, it is imperative that you do your homework prior to making your decision.
There are oodles of places on the net that have free info about bankruptcy, debt consolidation, collection agency practices, etc.
Avail yourself of these resources.
Guesses indicate that 2009 will see a huge increase in filing for bankruptcy because of the economy and the foreclosure mess.
If you have $60,000 in debt, and you will never earn more than $1,200 a month, then you are broke.
There is no other way to look at it.
The earlier you eliminate the debt, the earlier you may have a fresh start and get on with your life.
However, if your debt is in the manageable range, say under 20K and you make 2K or more a month, there are other options.
There are more expenses related to bankruptcy that make it a particularly bad solution for the majority.
Depending on what state you live in, you should be prepared to pay anywhere from $800 on up to $3000 for the entire process, and that's assuming there is not complicated issues to be resolved.
The bankruptcy will stay on your credit score for ten years and on your court records for twenty years.
The outwardly low cost system will cost you dearly as it will follow you for the remainder of your life.
Consider trying to find your dream job after you have filed bankruptcy.
Nowadays, employers will run a credit history to ascertain how you fared financially.
This can effect if the employer will give you that dream job or not as many employers, fairly or not, do believe that a bankruptcy shows you to be of poor judgment and moral character.
Future purchases are influenced as well.
After many years, you may decide to buy a home.
Your interest rate can be considerably higher and will cost you a lot more in payments each month.
If you haven't any choice, then you need to proceed, understanding the implications.
Remember that private bankruptcies are customarily non-essential as there are better options available.
If you are being hounded by irresponsible and extremely aggressive collection agencies, you do have other remedies besides filing for bankruptcy.
In conclusion, it is imperative that you do your homework prior to making your decision.
There are oodles of places on the net that have free info about bankruptcy, debt consolidation, collection agency practices, etc.
Avail yourself of these resources.
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