Thousands of people a year find financial relief by filing a Chapter 7 bankruptcy. This type of bankruptcy is helpful to people who have unsecured loans such as credit cards or medical bills.
When you file a Chapter 7 bankruptcy it will take effect immediately and stop creditors and debt collectors from harassing you. It will give you some breathing space to re-organize yourself and gain control of your financial future.
Filing bankruptcy can be a solution if you have a large amount of debt. There are several disadvantages of filing a Chapter 7 bankruptcy. The bankruptcy will remain on your credit report from 7 to 10 years. If you apply for a loan in the future or a credit card or even a car loan creditors will check your credit report and see that you have a bankruptcy and may not grant you a loan. If you do secure a loan or a new credit card you will pay a much higher interest rate that if you had not filed. You have to remember when you file bankruptcy it is a public record and future employers can access it this could affect you being hired for a job. If you do file for bankruptcy you should definitely use an attorney that specializes in this field they can give you expert help.
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Tuesday, February 7, 2012
Bankruptcy
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