In a nutshell, bankruptcy is a legal declaration that says you aren’t solvent and your assets will be distributed among your creditors. To be frank, bankruptcy is a lot more complicated than that general definition.
Bankruptcy is dictated by Federal law in the United States. However, State law does affect the way bankruptcy is executed locally. An example being, the determination of whether or not you’re eligible to declare is found at the State level.
If you’re completely buried by the amount of debt you have, bankruptcy can help to wipe the slate clean for you to start over. However, it’ll stay on your credit report for as many as 10 years. This will affect your ability to receive credit until that time, as well. You need to take this decision very seriously, for it does have it's lasting affects.
When you decide that bankruptcy might be right for you, the best thing you can do is hire an attorney to assist you with the process. While you can represent yourself in bankruptcy court, it helps to have someone in your corner who knows the ropes.
Retaining an attorney's services does have a price. You can spend anywhere from $500-1000 to get legal representation, but that amount is probably much smaller than the amount of debt you actually deal with on a pre-scheduled basis - month to month.
Most bankruptcy attorneys will offer a free consultation so that you can go over your scenario completely and accurately. The attorney will then recommend which type of bankruptcy for which you’re eligible as well as going over the process of filing paperwork and proceeding to court. To research bankruptcy/credit repair resources is only a click away, to educate yourself before making a final decision. Good luck in all of your future endeavors.
Bankruptcy is dictated by Federal law in the United States. However, State law does affect the way bankruptcy is executed locally. An example being, the determination of whether or not you’re eligible to declare is found at the State level.
If you’re completely buried by the amount of debt you have, bankruptcy can help to wipe the slate clean for you to start over. However, it’ll stay on your credit report for as many as 10 years. This will affect your ability to receive credit until that time, as well. You need to take this decision very seriously, for it does have it's lasting affects.
When you decide that bankruptcy might be right for you, the best thing you can do is hire an attorney to assist you with the process. While you can represent yourself in bankruptcy court, it helps to have someone in your corner who knows the ropes.
Retaining an attorney's services does have a price. You can spend anywhere from $500-1000 to get legal representation, but that amount is probably much smaller than the amount of debt you actually deal with on a pre-scheduled basis - month to month.
Most bankruptcy attorneys will offer a free consultation so that you can go over your scenario completely and accurately. The attorney will then recommend which type of bankruptcy for which you’re eligible as well as going over the process of filing paperwork and proceeding to court. To research bankruptcy/credit repair resources is only a click away, to educate yourself before making a final decision. Good luck in all of your future endeavors.
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