Prior to the new regulations on the filing of bankruptcy, just about any individual who is unable to pay his debts can file for bankruptcy. However, many abuses have been committed; hence the new regulations for debt relief. Even if filing for bankruptcy in San Bernardino can be done on your own, it is certainly something which is not regarded as a simple filing of an application. With all the modifications on the Bankruptcy Code, you will need the skills of an experienced bankruptcy lawyer to evaluate whether this is the solution to your financial woes. Besides that, you have a choice whether to file for Chapter 7 or Chapter 13 which needs a proper assessment of all your financial obligations and your capability to pay.
Drawbacks to filing Bankruptcy
Bankruptcy will certainly hurt your credit score. It will affect your chances of gaining approval for a future bank loan or car financing. If ever you gain approval, the interest rates may be quite high which makes it an unviable option to push through. Low credit scores means you also have to pay more for your car insurance even if you are not considered a high-risk driver. Many aspects of your life will be affected by a low credit score which is precisely why most people think twice when planning to file for bankruptcy.
Shame is also another reason for the refusal of many individuals even when their normal life is obviously affected by the incessant ringing of the phone from persistent bill collectors and credit card companies. Very often, one is not willing to be the topic of the neighborhood gossip. However, come to think of it — you are not the first and only person who has filed for bankruptcy. It is no longer a rare solution for people who face dire financial constraints due to mismanagement of their finances. Thousands have gained the benefits of bankruptcy as they are able to start a new and better life.
There are other options besides filing for bankruptcy in San Bernardino area. There is debt consolidation and other debt relief programs aside from bankruptcy; however, what is the possibility that you will be able to religiously cope with the payments? You might be biting more than you could chew. If it is only pride that is getting in the way of your filing for bankruptcy, you can easily swallow your pride and give your family a break.
The BIG decision
There can be an emotional struggle whether or not to file bankruptcy. There are certainly pros and cons but the most important is being able to discuss the issues before reaching the final decision. Consulting with a bankruptcy lawyer will allow you to have the necessary advice whether you can push through with your debt relief program. Bankruptcy lawyers have the knowledge and experience on the Bankruptcy laws and what to look forward to if, in case, you decide on the application. Every individual case has a different scenario which requires someone who understands the laws to point you towards the best decision.
There are certainly many alternatives for debt relief like filing for a bankruptcy in San Bernardino; however, it is important to assess and evaluate every option for your own sake. For more details,
