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2008-02-02 06:42:34
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Article by Sharon Dawkins |
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Before you decide to file for bankruptcy please be sure to know the facts and effects that doing this can do.
There are drawbacks to the bankruptcy process and you might find you want to avoid filing for bankruptcy. Following are a few disadvantages of bankruptcy. Credit history will be ruined. Typically filing for bankruptcy causes the most damage to a person's credit history. It can show on your credit report for up to ten years from discharge. It then also stays in court records for up to twenty years. This could have an adverse affect on getting loans and possibly even a job.
Sometimes, but not always, declaring bankruptcy can result in bank account closings, and also your credit cards will be closed. Not only might this, but items you are renting or leasing be forced to be sent back to the owner (unless you have filed chapter 7 or 13 and work out a payment plan).
You might not realize it, but later certain parts of your life could be hindered. Once you file for bankruptcy it will be difficult to purchase a home, or even rent an apartment. It might be hard to get insurance, purchase or lease a car, or get credit cards. If you are able to get these types of loans you will be forced to pay a much higher interest rate than someone whom has not filed for bankruptcy.
A very popular option you might consider to try to avoid the repercussions of Filing Bankruptcy is using a Dept Consolidation Company. As the end result will make you debt free without Filing Bankruptcy. Some key benefits to Dept Consolidation are:
Your debt can be minimized. Typically debt consolidation can reduce your debt amounts up to sixty percent.
Debt consolidation is also a permanent situation. Your debt will be paid off and the debt will be gone.
Typically a debt consolidation company will allow you to make easy and affordable payments. The installments will work within your budget.
Eventually when your accounts are all paid in full and your payment plan is complete your credit report will show these were paid off and clean.
If you can avoid bankruptcy with your current debts and income, using debt consolidation is the finest option. You should choose the option that is best suited for your financial and debt situation. It is definitely a wise choice to speak to a professional to weigh out all your options.
For all the latest information on the pros and cons on Bankruptcy, please visit S Dawkins website at http://bankruptcytopics.com
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Bankruptcy Help
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Chapter 7
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Chapter13 Bankruptcy Information
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http://bankruptcytopics.com
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