subject: Declare Personal Bankruptcy - Is It The Right Decision For You? [print this page] Declare Personal Bankruptcy - Is It The Right Decision For You?
Our perceptions of bankruptcy vary from person to person and often also from generation to generation. And how you and those around you perceive bankruptcy is very likely to affect whether or not you declare personal bankruptcy in a situation in which it might be a feasible way out for you. Of course, it is a huge decision to take and we all know that it comes with long term consequences and long term damage to your credit rating, thus financial future.
But if you have found yourself in the dire situation of having more outstanding debt than you can reasonably pay off while maintaining the minimum standard of living as defined by the government, then you really should seek to speak to someone about how you might helped if you declare personal bankruptcy.
If you declare personal bankruptcy, for example, a good proportion of your debt could be wiped out entirely while allowing you to keep your home and your retirement fund. So many people try too many alternatives before deciding to declare personal bankruptcy and they end up losing assets that would have been protected through bankruptcy, but end up declaring bankruptcy too. This makes no sense at all.
You really should carefully take into consideration all your options, evaluate how serious your situation is and decide whether or not, without you losing your home, for example, you would be able to make the necessary repayments on your debts. If the answer to that is no then you should seek advice in regards to bankruptcy.
The best thing to do is to pay for a consultation with a lawyer in order that you can get unbiased professional advice about your personal circumstances. A lawyer will be able to tell for for certain whether or not this process is the best one for you.
