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What Happens When You Declare Bankruptcy?

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Just the word ‘bankruptcy’ can throw a normal American into a mental tailspin: worrying about the long-term impact on your family, your credit, and even on your job. While you will hear any number of frightening tales from the media, bankruptcy can be one way to get out of a seemingly insurmountable situation, and whether you’re considering personal or corporate bankruptcy it helps to understand what is actually going to happen when you decide to go down this path. Credit card offers are everywhere in our lives these days, and taking advantage of their temptation is only a click away. How do you move forward through this financial mire?

Assess Your Situation

Understanding what bankruptcy is could be the first step. Bankruptcy is when you owe more than you can possibly pay in a set period of time, such as a month or a quarter. In order to make a solid determination on your situation you will need to do a personal inventory and include all of your current and liquid assets such as real estate, vehicles, savings accounts for college or other reasons, stocks and bonds and even retirement funds.

Road to Bankruptcy

There are two ways into bankruptcy: you can take the action yourself to declare yourself insolvent or you can wait for creditors to make that determination for you and request from the courts that you be declared bankrupt in an effort to recoup some of the costs that you owe them. There are reasons to go in either direction, but consulting with a lawyer before you make any decisions is a very safe solution.

Declaring Bankruptcy

Admitting that you cannot get out of debt by yourself can be a very humbling and scary situation, however it is required in order to get started down the path to a positive financial future. On debt consolidation forum, you can share your experience and personal thoughts with people that are in same situation as yourself. There are plenty of government laws that protect you as you prepare to enter bankruptcy and if your health and mental well-bring are suffering due to your debt load and stress, then it is probably time to look long and hard at your financial situation and decide if bankruptcy will help you.

There are times when you are actually worse off not filing for bankruptcy; that may be surprising but it is quite true. If you have employed a good lawyer and share accurate information with them, this could be the next step towards financial freedom.


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