Wednesday, December 19, 2018

Four Tips for Those Considering Bankruptcy

Choosing to declare bankruptcy is a tough decision for any individual or place of business. While it will relieve most types of debt, it has serious long-term consequences when it comes to borrowing money in the future. Do not rush into the decision or make it without consulting a financial professional first or you may make a decision you are going to regret.

Bankruptcy is commonly used as a way to relieve medical debt and unsecured debt like credit card bills or store accounts. A bankruptcy law firm in Pittsburgh PA will be able to tell you if bankruptcy is the right choice for you. They will also be able to guide through the process and quickly and efficiently as possible.

If you have made the decision to file for bankruptcy, check out the following tips to make the process as painless as possible.

Four Tips to Know Before Filing for Bankruptcy 
 1. Get Your Credit Report - Getting a full credit report before filing will give you a comprehensive list of each creditor you owe. Many people leave out companies they are in debt to when filing because the company has stopped contacting them to get their payment. In short, do your due diligence before meeting with an attorney.

2 Use an Attorney - It is possible to file bankruptcy without an attorney, but it is much easier and faster when you use a lawyer as bankruptcy laws can be extremely confusing, costing you even more in the long run. If you want it done right, use someone with experience.

3. Inform - Be sure that all of the people you are in debt to are aware that you are going to file for bankruptcy. This will ensure they stop contacting you about payment in the future.

4. Be Sure - Bankruptcy is a huge and permanent decision. Ensure that it is what you really want to do before you decide to declare for it. In most cases, you won't be able to get another loan for a car or a house for seven years.

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