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Bankruptcy once seemed quick and simple, but with recent changes in Bankruptcy laws, many consumers will not be able to eliminate their debt simply by filing. Most consumers are now required to file plans which require them to pay back a portion of their debt under the supervision of the court. This process may last for years. Bankruptcy should be considered the last remaining option in solving financial problems.
Many people file for
bankruptcy each year failing to realize they will be forced to deal with
the harsh effects that will plague them for the rest of their lives. One
must first be aware that bankruptcy does not fade away after 7-10
years. It simply drops from your credit report. The reality is almost
all credit applications ask if you have ever filed bankruptcy, and to
answer falsely may be illegal, depending on the type of application.
Also, costly court and lawyer fees all accompany the process of filing
for bankruptcy. Bankruptcy should be considered the last remaining
option in solving financial problems. Back to Frequently Asked Questions
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This web site is for informational purposes only. It is not intended to provide legal advice or be a substitute for legal advice. We try to provide quality information,but we make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained on this web site or the results that you may achieve when you use our services. The debt settlement process should only be used in the event of legitimate financial hardship. If you have sufficient income to reduce your debt load the ordinary way (by reducing the balances with payments in excess of the minimums), then you should definitely do so. |