There are reasons that you may feel inclined towards filing a bankruptcy but experts say that it should be avoided because it has a very long lasting effect on your credit score. A benefit that bankruptcy can bring you is that if you file for chapter 7 bankruptcy you can immediately get rid of all harassment endowed by your creditors. No creditor can make any further debt collecting efforts or foreclosure. Once you file bankruptcy you need to wait for the court to inform all your creditors which is does in the time of two weeks. The court mails a notice to everyone in your list of creditors, if you cannot wait for that long you can ask your representative to inform the creditor. If the creditor continues with the harassment, he is liable to the court for sanctions and attorney fees.
As suggested for going ahead with your bankruptcy you should consult with a lawyer. This information has nothing to do with chapter 13 bankruptcy and is limited to chapter 7. This is general information is in way can be used as legal advice. Every state has different rules so make sure you discuss it properly with your attorney. Every personís case differs in some way or the other so seek legal advice independently after giving all the information related to your case.
In an ideal situation to file bankruptcy should not be your alone decision, meaning, you should let a Bankruptcy attorney influence this decision of yours. Bankruptcy lawyers can help you decide if filing a personal bankruptcy is the best option for you or there is another way out of it. If you wish to take a free counseling session with our attorney then all you have to do is fill the form on our website. The attorney from your state will contact you and thus he will be able put a light on your situation keeping in mind the laws the laws of your state.