Should I File Bankruptcy

Filing of a bankruptcy is totally a personal decision. Generally people who undertake the process are those who are under heavy debts and are hassled by the creditors for payment which one is unable to make. Also the decision of bankruptcy should not be made solely to stop creditors from bugging you because after certain duration they might ask for "relief from the stay” and continue with their efforts. Also some debts like student loans, alimony and support obligations, drunken driving restitution, can’t be discharged. So if one is not going to stand better than he is before filing bankruptcy, one should not do it. With the Bankruptcy cases at all time high, people fear about the pros and cons of the bankruptcy. Amongst effluent people financial troubles are of concern that arises because of layoff, death of a person, divorce etc. The high debts on people leave them with no other option than filing for the bankruptcy. If one is thinking about filing a bankruptcy then he/she should consider the following points before filing.

1. Bankruptcy Alternatives
   One must go through the alternatives available to the bankruptcy so that one can know if there is any chance of avoiding bankruptcy on the credit report. Read more about Bankruptcy Alternatives.

2. How to avoid bankruptcy?
   Also one should try to avoid bankruptcy as far as possible. Have a look at How to avoid bankruptcy before taking up the decision.
   

3. Bankruptcy Petition
   An individual can file in for 4 different kinds of bankruptcy according to the criteria. Go through the Bankruptcy Petition for a detailed view.
   

4. Consequences of Bankruptcy
   
   • The bankruptcy goes into your credit record for 10 years.
   • If after bankruptcy you need finance or credit, then the interest rates are higher.
   • In chapter 7 filing you may loose control of your assets that are important to your family to pay the debts.
   • Employment too can be an issue.

5. Bankruptcy Traps
   There are advertisements one should always beware of. These advertisements has got the logos that can lure one in getting off the debts early but unfortunately without knowing you can fling yourself in middle of the court for filing bankruptcy. One should always be careful of the petition mills running their services under different banners such as "financial counselors" and so on.
   

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