Clearing Up Misunderstandings About Bankruptcy

People often hesitate to file for bankruptcy because they have received misinformation regarding the effect doing so will have on their lives. Others file and are then unhappy as they had incorrect expectations. The way to avoid problems such as these is to speak to experienced Bankruptcy Attorneys and learn how filing for bankruptcy will impact one's debts, long-term financial situation, and assets.


The Discharging of Debts


Men and women often go into bankruptcy believing all of their debts will be discharged when the process is complete. This is not the case, as criminal restitution, student loans, and child support remain the responsibility of the debtor. In addition, other debts may not be discharged, which is why an attorney is needed to review the case and provide the debtor with clear expectations. When Chapter 13 bankruptcy is chosen, the person filing must complete their approved debt repayment plan within the designated time frame in order to have the remaining debt cleared.


Asset Seizure


Bankruptcy leads to the loss of one's assets or so many believe. When filing for Chapter 7 bankruptcy, debtors may find some assets are required to be liquidated while others are exempt. In either Chapter 7 or Chapter 13 bankruptcy, secured assets may be retained through the payment of the asset in the Chapter 13 repayment plan or through a reaffirmation agreement in a Chapter 7 bankruptcy.


Financial Consequences


Don't assume a bankruptcy will destroy your financial future. While personal bankruptcy chapter 7 filing does remain on the credit report for ten years, many debts are eliminated helping to bring the credit score up in a shorter period of time. Secured cards may be used to rebuild credit following the discharge of the debt, and borrowers typically find they can obtain a mortgage within two to four years of the filing. While there are chapter 13 bankruptcy payment where filing for bankruptcy can negatively impact a person's job prospects, a current employee cannot be fired or discriminated for taking this action. Furthermore, government entities cannot take bankruptcy proceedings into consideration when considering an applicant for a job.


If you believe filing for bankruptcy would be of benefit to you in your current financial situation, speak to an attorney today. He or she explains the process and provides honest, accurate information. This information makes it easier to determine if this is the right option or if other debt relief solutions need to be investigated. Consumers find the right solution provides the relief they desire while allowing them to have a better financial future.


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