What happens after going bankrupt?
|
  |
|
|
| Author |
Message |
otes
Apprentice
Joined: 10 Aug 2004
Posts: 5
|
 Posted: 09/14/07 - 08:21 Post subject: |
 |
|
| I am considering filing for bankruptcy, but I'm not sure that it is the best way to solve my financial problems. I have one serious debt, and I've been told that one way to solve that problem is to file for bankruptcy. Is this my only option? I am not really sure how this works; what are the consequents of bankruptcy? I really cannot afford to pay my debt now, but what happens if I want to cancel my bankruptcy? |
|
|
Back to top
|
|
|
|
 |
arron
Apprentice
Joined: 25 May 2006
Posts: 3
|
| Posted: 10/24/07 - 02:35 Post subject: |
|
|
| Declaring bankruptcy can change your life, in just a few days. But before you do that, you really should make an educated decision. To do that, you can always talk to an attorney or bankruptcy counselor. Bankruptcy sometimes looks like a new start, and to me it represents good way of getting creditors off your back, because they cannot take legal actions against you. But, there are also many fees to be paid and the whole procedure can be very stressful. You may lose some of your assets and there are some income restrictions, you cannot borrow any money or travel overseas without permission. Even after bankruptcy period, some of your debts may still be payable, child support payments, for example. And, of course, you can always cancel your bankruptcy, if you pay off your debts. |
|
|
Back to top
|
|
|
|
|
|
| |
All times are GMT
|
|
|
