- Posted May 15, 2011 at 1:47 pm
Although few want to make the decision of filing for bankruptcy, there will come a point where it has to be done. Bankruptcy will have other ramifications besides affecting your credit rating.
Filing for bankruptcy is only the last resort. You may want to file for bankruptcy when you are constantly borrowing money from one credit source to pay another credit source or if you find yourself taking cash advances of more than $500 just to pay for living expenses. If you?re getting lots of calls from creditors and are borrowing just to meet regular expenses like food, then it may be time to file for bankruptcy.
A way for you to get out of your hard financial times is bankruptcy and it?s what you have to do when you can no longer afford paying your existing debts.
Keep in mind that there are many types of bankruptcy, but the most commonly filed form of bankruptcy is chapter 7 and a chapter 13.
For the individual, the most common is chapter 7. This is completely erasing quality debt. Released from all repayment obligations is the debtor. Keep in mind that chapter 7 bankruptcies are very serious and should not be taken lightly. While giving you an immediate fresh start in repairing your finances, it remains on your credit report for 10 years. You?ll be noted as a person who is financially irresponsible and you?ll be seen as a high risk.
Chapter 13 is less harmful to your credit. You may still be considered a credit risk though you don?t look like you?re financially responsible even though there are still marks against you because you?ll be working to repay your debts on a payment plan. With a chapter 13 you will be able to keep your home and they will not start selling your assets to pay back your creditors like you would in chapter 7.
Make sure that you only consider filing for bankruptcy when you have gone through all other available options. You can reduce your debt and avoid bankruptcy with the help of debt counseling, a second job, consolidation loans, etc. Your chances of getting credit sooner will improve and it can help save your credit record. Before taking any action, ask a bankruptcy lawyer for advice if there seems to be no other option.
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Source: http://bankruptcy.financenewstoday.com/filing-for-bankruptcy-here-are-some-helpful-tips/
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