A Bankruptcy Lawyer’s Blog

You Might Want to Declare Bankruptcy – But is it Right For You?

If you’re in debt up to your ears it could be tempting to just want to walk away from it all and declare bankruptcy. However, the laws have changed significantly over the past several years and there are many reasons you should consider declaring bankruptcy only as a last resort.

It Is Now Hard To Begin Again With a Clean Slate

The Bankruptcy Abuse Prevention And Consumer Protection Act of 2005 is a disgustingly horrible law that makes it very, very hard for people to discharge their debts.

The law forces debtors into a debt repayment plan that takes up to 5 years. During that time it makes it almost impossible to allow you to hold onto a living wage. You will lose control over how you spend your money and a huge percentage of your disposable income will go towards paying off your debts.

If You Declare Bankruptcy It Will Be On Your Credit Report for 10 to 13 Years

Not only will your bankruptcy stay on your credit report for many years, if you ever apply for a car loan, a mortgage, or if your employer (or a potential employer) asks if you’ve ever declared bankruptcy you must answer “yes”. What this means is that, in essence, your declaration of bankruptcy will stay on your record forever.

On top of that you will still have to pay off many of your debts. You will still have to pay your student loans, your income tax, and your child support. And these are but a handful of many debts that you will be required to pay.

There are times, though, that you definitely should consider declaring bankruptcy. But before you do there is a bit of research you need to do.

To see the research you must do before you re-bankruptcy.html”>declare bankruptcy and to get more free information about how you can get debt relief without declaring bankruptcy, go to http://www.FindReliefFromDebt.com

(c) Copyright – Mike Irons. All Rights Reserved Worldwide.