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Pitfalls Of Filing Bankruptcy

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  • Legal Helpers
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      Please consider this free-reprint article written by:
      Legal Helpers

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      Article Title: Pitfalls Of Filing Bankruptcy
      Author: Legal Helpers
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      Bankruptcy is often the choice that many people lean towards
      when they are severely and overwhelmingly in debt. Bankruptcy
      can be seen as an easy way out of debt issues though it is truly
      a last resort method to debt freedom. There are pitfalls and
      downsides to bankruptcy.

      Bankruptcy can relieve you from financial debt and obligation,
      but does come with a price. You do have to pay a bankruptcy
      attorney, usually a minimum of $200.00. On top of this fee you
      will have permanent results to your credit report. For the next
      10 years, both chapter 7 and chapter 13 bankruptcies appear on
      your credit report. Eighty percent of all credit reports carry
      errors that can harm your chance of a home loan, car loan or
      personal loan. Some employers require a credit report for
      position consideration. Poor credit reports showing
      unsatisfactory payment history can keep you from receiving a
      job. Newspapers will often carry a section releasing bankruptcy
      information, since bankruptcy is public knowledge. This could
      lead to embarrassment from friends, family and co-workers.

      Though bankruptcy is not a process in which a person should be
      ashamed society does often frown upon it. With pitfalls being
      attached to bankruptcy a better choice perhaps may be debt
      consolidation. You can have all of your credit cars and
      unsecured debts consolidated into one easy monthly payment. You
      can pay down your debts and regain control over your finances.
      The choice is up to each individual and decisions vary upon the
      situation. It is best to speak to both a debt counselor and a
      bankruptcy attorney to see whether or not the pitfalls of
      bankruptcy are worth the while.

      You do have the option of filing for bankruptcy yourself if it
      is unavoidable. This can save the time and money you would
      normally spend on a lawyer who would proceed with your claim. It
      has been said that a person who represents himself at court has
      a fool for a client. Yet with the many do-it-yourself legal kits
      that are available for purchase from office supply stores and
      via the Internet, those with a straightforward legal case may be
      able to save the money they would otherwise have to pay a lawyer
      and simply apply to meeting their personal needs.

      Keep in mind that a do-it-yourself bankruptcy is easy to do if
      you do not have a plethora of fiscal assets and instead your
      financial portfolio consists mostly of debts. Yet at the same
      time there are some drawbacks to going it alone and prior to
      deciding on a course of action, decide if the do-it-yourself
      option is really for you!

      Filling out the forms is probably the easiest part. Taking them
      to the courthouse, having them date stamped, and paying the
      filing fee is also a task that can be easily done by you. Yet
      where it gets tricky is the burden of informing creditors of
      your filing – you need to be able to document that you followed
      all of the requirements set forth by the state with respect to
      your filing – and also preparing to potentially defend your
      assertion that you do not have the funds needed to pay your
      obligations against a creditor.

      If something changes and you want to include a previously
      excluded debt, there are also provisions that must be met and
      you need to ensure that you are able to meet each of these head
      on to avoid any penalties for filing late. In the same vein, any
      communication from the court must be immediately read and
      responded to, and sometimes the legalese is hard to understand.
      The clerks of the court cannot give legal advice and you may
      find yourself putting in quite a bit of time in front of the
      computer doing legal research.

      If none of these deter you, then a do-it-yourself bankruptcy
      kit might be the way to go for you!


      About The Author: Legal Helpers is a debt relief agency helping
      people to file for bankruptcy relief under the bankruptcy code.
      We're one of the largest consumer bankruptcy firms. Bankruptcy
      attorneys answer the phones six days a week and evenings.
      http://www.legalhelpers.com

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