If you are considering bankruptcy as an option and you’re trying to determine what you should include in the bankruptcy, take a good hard look around. Many Americans talk with an attorney but don’t always listen to the advice of their attorney. Take the time to listen and honestly look at what has caused your financial situation and why you are considering bankruptcy.
Many people think that their student loans, or credit card debts were the downfall of the financial situation, but it could be much more than that. The beautiful home or wonderful car that you’re driving may also be causing a large problem.
When you are finally looking at the option of bankruptcy, then you should sit down with your attorney and discuss all of your outstanding debt. Just because the house and car are great for you, they may not be great for your financial recovery. Listen to your attorney and ask the hard questions about what you should do regarding any reaffirming that you might be considering.
Filing bankruptcy will cause a rough period for you financially. You may be unable to get new loans or even have a problem trying to find housing, but for the sake of your financial future, take the time to gather all of the information.
People have reaffirmed on their lovely home or luxury car only to find themselves living from check to check trying to stay on top of paying for those things that they could not live without. Bankruptcy is a serious and often devastating decision unless you have planned and talked with a professional about what your alternatives are.
Don’t think that bankruptcy is a simple “fresh start” to life. It often can cause a life change that many Americans find difficult to live with. Often bankruptcy was not the only option and because it appeared to be the easiest option, it was the chosen path. The simplest path is not always the best path but now you have to live with bankruptcy.
Many people have commented that they wish they had not filed bankruptcy because of the problems that it has now recreated. But some people have been able to get started on trying to rebuild their life and getting control of their finances.
If you are looking at bankruptcy, weigh all of your options. Take the time to review all of your alternatives and speak with professionals. Talk with financial people who can review and help you with possible other alternatives. Take the time to talk with your creditors to see if they will work with you in trying to stay out of bankruptcy. Hire professionals to assist you in correcting any credit issues you have. But most of all take the time to review all of your alternatives and don’t just “go with the flow”. Bankruptcy will affect your credit history for up to 10 years, but it will be with you for the rest of your life.