Declaring Personal Bankruptcy?

There are many things about declaring personal bankruptcy that people do not understand. The myths floating around about declaring personal bankruptcy lead many people to make bad decisions regarding filing bankruptcy. It is always smart to learn as much as you can about the process before just filing.

Not a Solution to All your Problems

Declaring personal bankruptcy is not a solution to all your financial problems. First of all, not every debt will be able to be cleared through filing bankruptcy. Some debts like school loans and court ordered payments can not be cleared through bankruptcy.

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It is important to first consider your debts and see what is declarable and what is not. That way you will clearly see if filing is a good choice for you.

Secondly, personal bankruptcy may clear your debts but it really doesn't fix your credit problems. It is actually a mark against you on your credit. It will be the only thing creditors see when they check your credit. It shows you had serious problems handling credit and may make them less likely to approve you for new credit.

Lastly, declaring personal bankruptcy is not as easy as it was in the past. It takes time and there are several new requirements that directly effect your involvement in the process. You can no longer hand things over to your lawyer and expect them to handle the bankruptcy.

You Could Lose Out

In some cases you may lose some of your personal assets. Depending on the exemptions you are allowed, you may lose vehicles, property and other personal items when you file bankruptcy. This is true if you file a Chapter 7. Chapter 11 bankruptcy offers more protection against your assets, but it will not wipe out debts - only create a payment plan for you to pay them back.

Can you Survive

There are limits on filing bankruptcy, so you need to be sure that once you file you can keep your finances in control. If you are in serious financial trouble where you do not believe you can recover even after filing bankruptcy then it may be best to wait until you are in better financial shape.

Summing it Up

In order to make sure declaring personal bankruptcy is right for you, talk with a lawyer. Get to know all the facts and make sure it is something that will work for you.

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