Tags: bankrupt, bankruptcy, business, filing, finance
Financial advisers would tell you that it should be your last resort to file for bankruptcy and have debt consolidation instead for mountains of debt. When filing for bankruptcy, you should ensure that you can last for six years more without traveling into the same amount of debt. Here are a few things to know.
1. As said earlier, you can only file for bankruptcy again after six years. Bankruptcy can help those with great debt that takes 60% of most income, but it provides the same results as that of debt consolidation and has added advantages, which you cannot make use of, just because of overspending.
2. File for bankruptcy if your business losses are already too high or your medical condition does not allow you to work properly. Business losses leading to bankruptcy can have great implications to respective industries if the liquidation process is skipped. Anybody with a medical condition where payment insurance cannot handle the debts can file for bankruptcy.
3. File for bankruptcy only if you can provide legal fees. Bankruptcy can be costly and while some of your debts may be forgiven, you will still need to pay for legal fees not higher than your debt.
4. Lenders usually forgive or reduce the amount of repayments for your unsecured loans. They can also forgive secured loans, but you could use your collateral to pay them off. If you don?t want to tarnish your credit score too completely, using the collateral can help you.
Source: http://www.highvoltageinteractive.com/finance/finance-tips-when-to-file-for-bankruptcy/
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