There are many worse things in life than filing bankrupt, but still, on a financial level, filing for bankruptcy is admitting that you may be a financial failure.
Economies go through cycles. And these days, you hear a lot of talk about bankruptcy filings. Many of the stories are sympathetic and charitable to those who have sought bankruptcy protection. Others, however, look upon those who file for bankruptcy protection in a negative light.
Number of Bankruptcies At All Time High
In many ways, both are accurate. The sheer number of people filing for bankruptcies has reached an all time high with the reasons as varied as unforeseen health problems or job layoffs to simply an inability to mange their finances in a reasonable manner. Regardless of how they got there, many people find themselves in a situation where, if they are to survive, that they need the help of bankruptcy.
The Good and Bad of Bankruptcy
Before deciding to file for bankruptcy, it is best to sit down and weigh the good and the bad - in detail. In general, the good means that most of your debts will be wiped out and you will have a fresh start to put your financial life back in order again.
The bad is that the bankruptcy will remain on your record for a number of years making it more difficult to get credit and having to endure higher interest rates and fees when someone does give your credit. if, as is true with most people, that bankruptcy is their last option, then you may have no other choice than to file for bankruptcy.
Filing Bankrupt Now More Difficult
Filing bankrupt has recently been made more difficult due to the many alleged abuses of the system. According to creditors, many people would sign up for credit and credit cards, use the credit to the limit to purchase all sorts of items for themselves, and then file bankruptcy to avoid having to pay back the monies.
Although this scenario is in no way typical, it convinced enough lawmakers to change the laws to make it more difficult to get out from under debt. As a result, many people who find themselves in financial troubles through no fault of there own, are not able to get a good of a deal from bankruptcy as they may have ten years earlier.
Many people choose the aid of a lawyer when filing for bankruptcy. And while this is most likely a good idea when there are lots of assets involved, in many cases and in many states, for some types of bankruptcy filings, a person can file on his own without much difficulty.
In addition, many reputable websites have sprung up to help in the filing of the appropriate papers at a rate much less than a lawyer would charge. In addition, some states have local non profit service organizations that can assist you in filing for bankruptcy within the state.
Filing bankruptcy is such a serious matter that before filing you should ensure that you have exhausted every other viable alternative available to you.
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