Got High Debts? Is Bankruptcy The Answer? See What Filing For Bankruptcy Will & Won’t Do For You



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I’ve seen an increased number of bankruptcy solicitations in my mailbox lately.

Actually, it has increased from nothing — because I’ve never seen such solicitations before.

It makes me wonder if someone knows something, I don’t know about my financial status.

 

Are You Receiving Bankruptcy Mailings?

My best guess for why I’m receiving all of these solicitations is because there may have been an increase in the number of bankruptcies filed in my area recently.  I know for a fact that there are 3 foreclosed homes in my subdivision.

With the influx of all these bankruptcy mailings, I have to wonder if filing for bankruptcy is the answer to getting out of financial debt.

After all, there comes a time when those who’ve lost their jobs or had a major health crisis just run out of money at some point.  For a person in crisis, bankruptcy may seem like an easy way to get a fresh start.

Must read: Bankruptcy Myths Exposed: Things You Should Know Before Filing For Bankruptcy

 

Is Filing Bankruptcy A Smart Choice?

The truth about bankruptcy is that it’s not a fresh start.

Instead, bankruptcy is an easy way out with some potential future problems over the longterm.

For example, some of the issues you could face after filing for bankruptcy are: 

  • You won’t be able to purchase a house for many years after filing bankruptcy.
  • Any loans or credit you receive after filing for bankruptcy will be at a very high interest rate.
  • Bankruptcy won’t necessarily eliminate all of your debts.
  • Many employers run credit checks.  A bankruptcy could keep you from getting a job in the financial industry, and could make it a bit more difficult to get a job anywhere.
  • Bankruptcy may force you to sell your assets — such as your home and cars. Here are the things you’ll get to keep.

The bottom line is: think twice before you ultimately decide to file bankruptcy or not!

There are other ways to take care of your debts without having to spend time repairing your credit after a bankruptcy.

 

More Info About Filing For Bankruptcy

In addition to the links I’ve included above, here are some other resources to help you determine if filing bankruptcy is the best choice for you:

 

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Andrea

I have been a certified tightwad striving for financial freedom since I became pregnant with my first child -- and I decided to find a way to stay home with him full-time. I enjoy sharing my personal experiences in my journey back to financial health and planning for a future -- which will include sending 2 kids to college and early retirement.

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