Although there are many ways to repair damaged finances, one of the most common methods is through a personal bankruptcy claim. The propensity for filing has increased with recent changes in the economy, prompting more and more people to consider it as a viable option. While there are certainly alternatives to filing a claim, many people have already exhausted other methods, meaning that bankruptcy is their last hope for recovery. The following article will cover some of the basics concerning how to go bankrupt.
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If your current financial situation has you thinking about the possibility of bankruptcy, then you need to read the following questions. The most important thing to understand is that bankruptcy is a serious matter that can have lasting consequences in terms of your credit and your future ability to secure financing. Because of this it's critical that you speak to a qualified financial professional prior to making any firm commitment one way or the other. Listed below are some of the most common questions -
• How Do I Qualify? - In order to qualify for bankruptcy, you must first prove that your financial situation warrants it. You will be asked to submit data related to your assets, liabilities and your current household income. The information you provide will determine whether or not you qualify and also what type of bankruptcy protection (if any) makes the most sense for you.
• How Much Does It Cost? - There are fees related to the filing process itself and also fees for any legal guidance that you might seek. The filing process will cost you a few hundred dollars and an attorney will cost between $1,000 and $2,000 per case.
• What Are The Consequences? - The process will last up to 8 years and will ruin your credit score during that time. You will also be hard pressed to find any sort of desirable financing during the bankruptcy process.
As you can see, there are many things to think about when considering how to go bankrupt. The process itself is rather serious and shouldn't be rushed into. Also, you should consider speaking to a qualified professional who can help you determine the best course of action. You can easily locate someone in your area by searching online or by using your phone book. Before making the commitment to hire someone, you should feel them out by discussing your situation. They should make you feel at ease and shouldn't pressure you into filing in lieu of other alternatives.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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