 Posted: Wed 8:39, 11 May 2011 Post subject: What is Involved when You Go Bankrupt fibromyalg |
|
| When people are in deep financial trouble, sometimes,lathe tools, they’re left with no other choice but to go bankrupt. It’s a difficult decision to make, considering the consequences that come with filing a bankruptcy claim. The process is not only time-consuming, it can also be stressful for the debtor. It would be best if debtors do not go through this tough ordeal alone.
Who can these debtors turn to? When it comes to bankruptcy claims, there’s no one more qualified to talk about it than a bankruptcy attorney. However, the services of an attorney do not come cheap. More often than not, people have to resort to cheaper alternatives such as hiring bankruptcy preparation services or legal secretaries in an effort to cut back on cost. Some people even contemplate filing a claim on their own. While some have been successful going through the process alone, others have failed to get a successful outcome. Bankruptcy comes with consequences. There’s no doubt about that. These are the three consequences you must consider before you file a claim: 1. Once you’ve made a claim, your credit rating will take a severe dive. Your bankruptcy claim will appear on your record for a period of 10 years. This can make it difficult for you to secure credit in the years to come although it’s not impossible to do so. If you can obtain credit, you’ll most likely be charged with higher than normal interest rates. 2. Your assets may be taken away from you if you fail to declare your secured assets in court. They can be repossessed by the bank or the lending agency. Any home or car you’re renting will be excluded from this. 3. Once you have submitted your claim, the process has begun. You cannot take it back so you have to be sure about your decision. |
|
