If you are in a state of prolonged and severe debt, then you may find advantage in filing bankruptcy. However, the realm of bankruptcy is vast and confusing to many. Here is a short guide to move you in the right direction. The first thing to know about bankruptcy is that it should only be considered as a last resort. There are almost always more options available. Most all of these other options will prove less detrimental to you. There are credit repair services everywhere that help people by giving advice about bankruptcy. Pick up a phonebook or do a search online to begin the process.
Do not be too proud to admit that you are in need of help. If you are, then you cannot expect any of your creditors to know. They will have to assume that you are unintentful to pay them and they will eventually be forced to act against you in their own best interest. Beware of bogus credit repair agencies. There are hundreds of thousands of people in states of turmoil concerning their debt. This creates credit “repair” agencies that are in place to rip you off. In general, you should be able to utilize a wealth of free bankruptcy help programs available. Many are sponsored by the government or other agencies that are not attempting to directly profit from your debt situation.
Examine your debt situation closely and honestly. Step outside of the situation and look in to discern whether bankruptcy is in fact warranted or if you are overreacting. Many times you will find that communicating with your creditors and developing a new financial strategy is all that’s needed. It may require tightening your budget, cutting back on personal vices and humbling yourself, but these things are often better than formal bankruptcy proceedings.
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