Filing for Bankruptcy is not an easy decision to make.
Even those who are not very well acquainted with the financial world know about the repercussions of filing for it.
There are certain myths pertaining to it and some are true while others are not.
However, the effects of filing it cannot be denied.
It is up to you to decide that whether you are emotionally equipped enough to fight your way through it and whether you are ready to start rebuilding your financial status all over again.
Whatever you do, do not go for it unless you are sure about it and not just, because you have seen someone else doing it.
Short Term versus Long Term Effects This is because we fail to understand that filing for bankruptcy for one individual might be good option but it may have absolutely the opposite effects in the case of another.
It is no doubt one of the surest ways of getting debt relief.
You have slogged for many months or years perhaps, to pay off your debts.
You might have encountered harassing phone calls at all times of day from your creditors and you might have cursed yourself a thousand times for getting into a situation like this in the first place.
The question is- whether it is worth it or not? This is because bankruptcy would be like a permanent scar on your credit report.
Even those who work very hard towards making a decent comeback cannot eliminate it before eight or ten years.
In addition, for some, it can stay up to twenty years or so, which practically means the entire lifetime.
After filing for it, whether you start looking for another job, apply for a mortgage, apply for education loans for your children or tax exemptions etc; your credit report will reveal your previous tryst with it.
Hence, you would need a great deal of determination and conviction to go through it.
It is true that the rules for bankruptcy have undergone quite a few modifications in the recent years, but the larger scenario still very much remains the same.
It is recommended that you look for other debt relief programs before thinking about it.
It has also been seen that most people go ahead with liquidation when they cannot put up with their current debts any more, confident enough that with time they would be able to fix everything, but have broken down miserably when they see the after-effects of filing for bankruptcy in every step they take after that.
In addition, you would definitely not want that for yourself.
Even those who are not very well acquainted with the financial world know about the repercussions of filing for it.
There are certain myths pertaining to it and some are true while others are not.
However, the effects of filing it cannot be denied.
It is up to you to decide that whether you are emotionally equipped enough to fight your way through it and whether you are ready to start rebuilding your financial status all over again.
Whatever you do, do not go for it unless you are sure about it and not just, because you have seen someone else doing it.
Short Term versus Long Term Effects This is because we fail to understand that filing for bankruptcy for one individual might be good option but it may have absolutely the opposite effects in the case of another.
It is no doubt one of the surest ways of getting debt relief.
You have slogged for many months or years perhaps, to pay off your debts.
You might have encountered harassing phone calls at all times of day from your creditors and you might have cursed yourself a thousand times for getting into a situation like this in the first place.
The question is- whether it is worth it or not? This is because bankruptcy would be like a permanent scar on your credit report.
Even those who work very hard towards making a decent comeback cannot eliminate it before eight or ten years.
In addition, for some, it can stay up to twenty years or so, which practically means the entire lifetime.
After filing for it, whether you start looking for another job, apply for a mortgage, apply for education loans for your children or tax exemptions etc; your credit report will reveal your previous tryst with it.
Hence, you would need a great deal of determination and conviction to go through it.
It is true that the rules for bankruptcy have undergone quite a few modifications in the recent years, but the larger scenario still very much remains the same.
It is recommended that you look for other debt relief programs before thinking about it.
It has also been seen that most people go ahead with liquidation when they cannot put up with their current debts any more, confident enough that with time they would be able to fix everything, but have broken down miserably when they see the after-effects of filing for bankruptcy in every step they take after that.
In addition, you would definitely not want that for yourself.