Each and every year millions of troubled borrowers consider filing bankruptcy to escape their debts, yet most of them don't know the first thing about the process itself. It seems that a large majority of people assume that the process is relatively simple, and perhaps this is due to the general perception that's been promoted by pro-bankruptcy agencies throughout the country. For an idea of what I'm talking about all you need to do is watch a bit of late night or mid-morning television where you will observe commercial after commercial put out by questionable companies pushing their services.
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The fact is that filing a claim is can be fairly complex and it can also be extremely stressful and time-consuming for the debtor. Despite what some companies might have you believe, the personal bankruptcy process is not easy, nor will it result in the effortless elimination of accumulated debts, which brings me to the most important bankruptcy fact - filing a claim comes with several consequences. Some of the most important are as follows -
1. Filing Is Stressful and Time Consuming - did you know that you will be required to spend hours compiling personal data related to your finances? This information is necessary to show that you qualify to file and will also be used to uncover any non-exempt assets that can be communicated to your creditors.
2. Filing Can Be Expensive - filing a bankruptcy claim is not free and will likely cost you several hundred dollars. Hiring an attorney to assist in your case can substantially increase the amount of money that you will pay. In fact, most attorneys will charge between $1,000 and $2,000 per case.
3. Your Credit Rating Will Suffer - once your claim has been processed, your credit rating will take an enormous hit and will not recover for up to 10 years. During this time it will be nearly impossible to secure any form of desirable credit.
Before filing a claim it's important that you understand some of the consequences listed above. Too often people assume that bankruptcy is designed as a quick fix for their debt issues, though this simply isn't the case. To learn more about what to expect from a claim it's a good idea to consult with an attorney or other financial professional that specializes in debt management. Setting up an initial consultation can be an effective way to learn about the bankruptcy process and what to expect before, during and after your claim.
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