You may have legitimate financial reasons for filing bankruptcy but before you do you may want to consider some of the more personal aspects that go along with the process.
You should know for instance, that once you do file it will become a matter of public record and if your friends or neighbors are so inclined they can easily get hold of the information. Some people have trouble dealing with the loss of privacy that bankruptcy carries with it. If this is a problem for you on any level you may want to reconsider your options.
If you have become reliant on swiping your credit card to pay for the majority of your purchases filing for personal bankruptcy will probably mean a change in that habit. When card services find out that you are going through bankruptcy your line of credit may be reduced substantially and it could take you a few years to have it fully restored.
We all know how important a credit report has become. It can influence the loan officer who is evaluating your application as well as the executive assistant who is considering you for a position of employment. Bankruptcy will be a part of your credit history for years after the fact.
Although you won’t lose everything you own to bankruptcy and most of your debt will be absolved in one way or another, there are some liabilities that will not go away. If you still owe money on your student loans or if you have failed to pay your taxes for three or more years bankruptcy will not protect you from having to compensate.
You won’t just walk into a bankruptcy court and file your claim. You will have to be prepared to explain how you got yourself into this position in the first place. If there is any reason you might hesitate to do so, seek the advice of your attorney before you proceed.
The bankruptcy attorneys of the Parker Lawyers firm will guide you through the options and help you decide what choices may be most beneficial for your particular case. Call 303-841-9525 to consult with a professional.