However, filing for bankruptcy means your credit will be ruined for the next few years, and will stay on your report for approximately seven years. It can result in the loss of valued possessions, and even your home. If you file under Chapter 13, you may be allowed to retain your home and many of your possessions, but you will be required to adhere to a strict installment repayment plan under court-regulated financial guidelines.
After filing for bankruptcy, it will be impossible to get a mortgage for a number of years, and loans are likely to come at a high interest rate, if available at all. In addition, bankruptcy can be a personal embarrassment, and it is possible it will impact on employment or career opportunities.
Another consideration is that bankruptcy will not eliminate some debt, such as child support, alimony and school loans, among other things. If your debt consists primarily of the above, it may not be the appropriate course of action for you.
Bankruptcy law is complicated and there are some variations from state to state in property exemptions. While it may seem like the best solution when you are overwhelmed by debt, it may or may not be the best answer in your particular situation. Take the time to talk it through with a bankruptcy attorney or other financial expert at Webponder.com in a video consultation from the privacy of your own home. The experts and professionals you find on Webponder can help you weigh the pros and cons of bankruptcy and help you make the right decision. Professionals on Webponder have likely handled hundreds, if not thousands, or bankruptcy’s just like yours, so don’t go at it alone, and don’t wonder any longer. Sit down for a live, face to face, video consultation with the expert of your choice and get the answers you need and deserve.