When you are neck deep in your debts and there are creditor’s threats looming and lurking around ready to take your assets and leave you with nothing, you may need to file personal bankruptcy to relieve yourself of these worries and compensate yourself from some financial losses.

By declaring yourself bankrupt, however, there are attached advantages and disadvantages to it. Filing bankruptcy will automatically stay your creditor’s collection effort through annoying phone calls, demand letters to pay debts, and some potential lawsuits. It will allow you to regain your credit and pay your debts in peace without embarrassing lawsuits.  These are the advantages that you will gain when you file bankruptcy instead of being buried in debts and lawsuits. It will protect your properties from unsecured creditors and will likewise save your wages  from being garnished.

Filing bankruptcy has also some negative effects on your part. A record of bankruptcy will be kept in your credit file for 7-10 years. You will also lose your credit cards and credit line. Any application for tax refund will be denied. You cannot obtain a mortgage or loan for quite some time and lose some of your assets. You cannot be made director of any limited liability company.

In filing bankruptcy, understand your options. Contact a lawyer who can answer your inquiries on this matter especially when you are about to lose your priceless possessions.

Related Posts
Roommate and late rent payment?
Living in a house or an apartment with a roommate can be fun, especially if that roommate is your friend. However, when your roommate pays rent late, your friendship might ...
READ MORE
Criminal Charges
Criminal law covers crimes, prosecution and defense. According to the rules and statutes written by Congress and state legislators, dealing with any criminal activity that causes harm to the general ...
READ MORE
The landlord’s right in evict tenants
Every state in US has the unique Rent Control Acts and this is to be protected in the right manner surely. There should indeed be a valid reason behind everything ...
READ MORE
DWI: Driving while intoxicated
Operating  or driving a motor vehicle while under the influence of alcohol or drugs that impair your driving skills and perception is a crime in the United States which is ...
READ MORE
Do you need a real estate lawyer while buying home or other real estate?
Despite your financial worry that a lawyer's fee would cost too much for a simple decision such as buying a house, it would really be very ideal and would be ...
READ MORE
Negative consequences of getting traffic ticket
Will traffic tickets lead to imprisonment? This may be the most negative consequence for getting a traffic ticket, but usually, only those convicted with serious traffic violations have high possibility ...
READ MORE
Pay taxes on time
When April 15 is round the corner, it becomes a really stressful time for the tax payers. Paying of tax is imperative for one and all. Hence there are also ...
READ MORE
What are the Dos and Don’ts when you are not able to pay rent on time
You don’t have to worry about getting evicted if you can’t pay rent on time. You won’t, not right away at least. It’s inevitable to run short on funds. It’s ...
READ MORE
Bankruptcy
Bankruptcy laws are made for the help of the people who can no longer pay their creditors get a chance to pay that is by liquidating assets or by creating ...
READ MORE
How to check your landlord?
Just as the landlord screens the tenants, you should also check out your landlord. Your landlord wants to know if you are diligent in paying the rent. You should also ...
READ MORE
Roommate and late rent payment?
Criminal Charges
The landlord’s right in evict tenants
DWI: Driving while intoxicated
Do you need a real estate lawyer while
Negative consequences of getting traffic ticket
Pay taxes on time
Not able to pay rent on time? Dos
Bankruptcy
How to check your landlord?