Even though it implies a lot of negative consequences for at least seven years, sometimes filing for personal insolvency can be your only viable solution to solve your debt problems. When declaring bankruptcy, it is important that you hire a lawyer that specializes in financial matters because, even though your debts will be erased, you will still have to pay for them one way or another and you should not take any unnecessary risks.
Therefore have a talk with your lawyer and find out if it is really necessary for you to file for bankruptcy and what are your other options. This is important because once you filed the paperwork, then you should not expect to get loans or mortgages easily, you can be denied promotions in your current workplace and rejections when applying for certain jobs that are in the public or financial fields.
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If you have no other alternative than to file for personal insolvency, then you must make a decision regarding the way you want the bankruptcy to be handled. Any individual in the USA has the possibility to choose to file for chapter 7 or 13 insolvency, each with their own benefits and disadvantages. Because chapter 7 needs more conditions and implies more risks, most people filing for bankruptcy choose chapter 13, as this provides less risks of losing personal property or assets.
After you decided upon what type of bankruptcy you must inform yourself about the legislation regarding insolvency in the state that you are currently living in. In some states the law allows you to keep your house, while in others you are simply forced to sell it. At the same time, the legislation of some states can excuse you or reduce the total sum of money you need to pay, while in others you still have to repay your debts even after you filed for bankruptcy.
Once you understand how this works for you, then you are ready to complete the paperwork and send the files. Review your documents if you are unsure that you missed filling in some data, because once you send the files it can take a while before your file is reviewed. Make sure that after you send your files you send an informative note to all your creditors to inform them about your decision. Afterwards, you will need to wait for a hearing where your case will be discussed, therefore hire a good lawyer that can negotiate for the best results.
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