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Finding the Right Legal Representation for Your Company
Tips To Keep In Mind Prior To Filing For Bankruptcy
Tracy Roberts
Bankruptcy carries a negative connotation, but it does not have to be the dirty word that you might think it is. In fact, some of the most successful people in history, including Larry King, Walt Disney and Mark Twain have had to file for bankruptcy prior to their overwhelming success in life. However, you need to also understand and realize that bankruptcy is a firm decision, so it is something that you should be prepared for. Take advantage of this guide so you can decide if bankruptcy is right for you.
Know The Types Of Bankruptcy
The word "bankruptcy" is typically thrown around in a blanket way, but there are specific forms of bankruptcy that you should know about.
Chapter 7 Bankruptcy — This form of bankruptcy allows forgiveness of your debt. Prior to offering this forgiveness, you will often have to liquidate a certain portion of your property, assets and personal belongings, to go toward the debt bill. This form of bankruptcy is typically for people who don't believe that they will be able to pay off the debt.
Chapter 13 Bankruptcy — This form of bankruptcy allows you to pay back the debt on a plan, which typically is between 3 and 5 years. What this does is give you the opportunity to receive some leniency and time to paying back the debt, which can be valuable for your ability to do so. This form of bankruptcy is typically for people who know that they can pay back the debt, but might have fallen into some hard times.
Seek Bankruptcy And Credit Counseling
The most vital thing you must do for yourself in this situation is seek the help of a professional who can walk you through the process. Not only will they lay out the framework for bankruptcy filing, they will also help you through credit counseling, so that you bounce back from bankruptcy once the process is complete. This will be valuable for you over the course of your lifetime, as opposed to just getting you through a tight spot.
Know The Repercussions Of Bankruptcy
The repercussions of bankruptcy can be great, because it will affect your future for a certain number of years. For one, the bankruptcy judgment stays on your credit report, by law, for 10 years. Understand that this red flag will follow you for applying for mortgages, renter applications, car financing and more. It doesn't mean that it will haunt you for the rest of your life, but take these factors into consideration before going through the process.
By considering this sort of information ahead of time, you will be better able to decide whether bankruptcy is right for you, and know what to expect from the process. Always hire a credible bankruptcy attorney, so that you have help with this situation.
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