Top Five Things You Should Know Before You File For Bankruptcy

Chapter 13 bankruptcy rules

If you are lost under the piles of overdue notices and notifications for a whole mess of bill collectors, then you might want to think about hiring bankruptcy attorneys or bankruptcy lawyers to help you out of this mess. If you are asking yourself when should I file for bankruptcy, then here are a few things that you should know.

1. In 2011, there were close to 60,000 bankruptcy filings in the state of Michigan alone. Filing bankruptcy in michigan is the same as it is in any other state. Try looking up information on filing bankruptcy on the website of a law firm if you think that this might be the best step for you.

2. Though tens of thousands of people choose filing bankruptcy as a solution to their financial problems each year, did you know that other organizations do so as well? Lots of sports teams have had to file for bankruptcy in the past, the only team to do it more than once is the Pittsburgh Penguins who filed in 1975 and again in 1998.

3. In a somewhat surprising statistic, one out of every 70 households in the United States files for bankruptcy at some point.

4. In spite of the fact that bankruptcy is often viewed as a fresh start, it will not actually wipe out all of your debts. The process is quite complicated and hiring a lawyer is more often than not the best way to navigate the process.

5. Once you have completed bankruptcy filing, your credit rating will suffer greatly. However, the financial circumstances that led you to bankruptcy will have already negatively affected your credit rating. The act of filing bankruptcy might not actually add that much to the damage that has more than likely already been done to your credit rating.

Keep in mind when you are asking the question when should i file for bankruptcy, that this will follow you around for a very long time. If you are not willing to have this dark spot on your credit record, and if you have any other options available to you, you might want look into other solutions to your problem.

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