Thursday, December 25, 2008

Declare Yourself Bankrupt

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Are you thinking about whether to declare yourself bankrupt or not? Declaring bankruptcy can certainly wipe your debt slate clean giving you a fresh start but you really need to give this decision some serious thought.

If you are facing what appears to be insurmountable debt and can't see your way forward for many years to come then bankruptcy might be your best option. Creditors can become a daily part of your life, ringing into your home, your work and your social life chasing down money you owe. Bankruptcy will halt this almost instantly.

Assets you own at the time of being declared bankrupt can be seized and sold to ensure the people to whom you owe money are able to receive some payment. You will not be stripped completely bare though so knowing the finer details that pertain to your local jurisdiction is important. Talking to a bankruptcy lawyer in your area will ensure you understand what assets, including your home if you have one, are at risk.

Your credit records will include details of your bankruptcy for as many as ten years in some cases. You need to be sure that you understand that although getting finance after your bankruptcy period has ended is not altogether impossible. Most people realise that their credit records are not going to be improving soon and in some cases could get much worse over the next few years without massive action to correct things financially.

In some cases you can agree to make set payments over a certain period of time under the laws of Bankruptcy, this means you aren't entirely considered as bankrupt but the impact on your credit report will be very similar to that of full bankruptcy so if that is concerning you then be sure to understand the differences in your particular country and state.

If you are still unsure about going bankrupt there are other options you can explore to assist you in managing your way out of debt. Although it doesn't seem like it today, financial freedom is attainable, you just need to understand your options and then take action without delay.

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