Will Declaring Yourself Bankrupt Get Rid of All Your Debts? Read This Before You File For Bankruptcy

If you are experiencing some sever financial worries, then you are not alone. Many Americans are finding themselves unable to pay off credit card debt and finding themselves being hounded by debt collectors, credit card companies and consolidation companies. While there are situations in which this comes about because of circumstances beyond control, such as a medical emergency accruing excessive fees, the bulk of cases like this come as a result of financial mismanagement. So many people live beyond their means using credit and exercise poor discipline in their spending.

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However, whether this was your fault or not, one thing you should do now is to stop focussing on the mistakes and start deciding how you can fix it. If you are going to be literally unable to make payments while maintaining the minimum standard of living, then you should seek advice about declaring yourself bankrupt. You should read around and do your research on the options available to you and, if possible seek a lawyer for advice. Declaring yourself bankrupt is a big decision and should not be taken without appropriate advice and research.

Of course, if you are declaring yourself bankrupt then the last thing on Earth you need is yet another bill. But you are going to get one, I'm afraid. Lawyers do not come cheap and the simple fact is that since the reforms to the bankruptcy code of 2005 complicated the procedure, you simply can no longer get by without legal help.

Bear in mind though, that the second you file you are issued an automatic stay, during which time creditors cannot contact you, wage garnishments are stopped etc. So from that moment you can focus entirely on your legal fees. If other debts are eradicated, then the legal bill will be more manageable.

Bear in mind however, that declaring yourself bankrupt will not eradicate fees such as student loans or owed federal taxes.

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