Things That Bankruptcy Can't Do For You

Things That Bankruptcy Can't Do For You

Things That Bankruptcy Can't Do For You

Before finally deciding to file bankruptcies, you need to know both sides of the story. Do not think of it as the solution to your every problem. Just like anything in this world, bankruptcy has two sides. There are things that it can do and there are things that it can not.

Some people end up disappointed as they file bankruptcies with high hopes of getting this or than and only to realize in the end that what they wanted is unattainable with the help of bankruptcy. The purposes of this article is to talk about 4 things that bankruptcy can't do to help people who are considering to file bankruptcies come up with a better and a clearer decision.

1. Even if you file bankruptcies, you can not possibly get rid of some of a few rights of the

creditors- most especially those of whom you have a secured debt with. However, debtors can force creditors to take this payments overtime as mandated by the bankruptcy process. In this case, the debtor can still keep the collateral unless they continue to pay the existing debt.

2. To file bankruptcies does not mean all your financial illnesses are over as you can not

discharge debts which are singled out and labelled as special treatments by the federal

bankruptcy statutes. This includes alimony, student loans, criminal fines, taxes of certain types and alimony.

3. Another thing about bankruptcies is that they don't protect your co-signers. If you have

acquired debt with a co-signer and you filed for bankruptcy, the creditors will run after your co- signer instead of you. This leaves your co-signer withy no choice but to pay for the remaining part of the debt or loan which you weren't able to pay for when you filed for bankruptcy.

4. Last but definitely not the least is that one need to understand that to file bankruptcies you can not possibly discharge debts which are started or opened after filing for one. What will be included in the discharge are the debts that you have before you filed for one. If you have a new debt or loan after bankruptcy, it will be a different story.

Knowing the four things above pays a lot as it can help one make a sound decision. Bankruptcy is not a thing that can easily be dropped off from one's credit report as it stays there for about a decade. There are times when people file bankruptcies only to realize that a much better and less harsh solution would have benefited them just the same.

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