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The Whole Outcome Of BankruptcyPosted on:8/6/2005
Written By: Rachel Linster
Website: www.ourbankruptcy.com
| Don't think about declaring yourself bankrupt if you own
your own home or have other assets... |
We all go through bad financial times in our lives and I
guess that this is one for you. Although it's difficult to
believe, you're not alone and you're certainly not the
first and you won't be the last. You're probably thinking
about declaring yourself bankrupt because you know that
it'll wipe your debt away and you'll be able to start
afresh.
Although this sounds like a simple alternative you'll find
that the whole procedure will be very traumatic and it will
damage your credit rating for ever. This means that
obtaining credit for a new house or car will be very
difficult indeed and, although it can be the case that some
bankruptcy classifications can be discharged in twelve
months, they rarely are. The psychological problems that
you may find also need to be considered. Very few people
sail through bankruptcy without some regrets and for some
it can lead to severe depression and a total loss of self
esteem mainly due to the fact that it's a very public
affair which makes it a very humiliating experience. You
will find that everyone who deals with you, from your bank,
land lord, building society and employer will be notified.
In addition your name will be listed in papers for all to
see.
Don't think about declaring yourself bankrupt if you own
your own home or have other assets. Once you do declare
yourself, the wheels will work very fast. Your bank account
will be closed and your credit cards stopped. If you have a
car on HP it will be returned, if you own it, it will be
sold to pay your debts. If you are running your own
business, it will be closed down and if you are set to
inherit money or gain from an insurance pay out or any
income whatsoever, it can be seized. In addition, if you
belong to many associations and societies you will find
that you'll no longer be made welcome.
The chances are that your home will be taken, whatever
your circumstances. These people often show no mercy and
can make even the most young and vulnerable families
homeless. If you've thought ahead and put assets, including
your home into your partner's name it will still be taken
away unless you can prove that your partner paid the full
value for it. If you've also thought ahead with your
business and negotiated to give all the profits to someone
else, you'll also be caught. Although this seems like a
clever idea, it is illegal and can land you in far more
trouble.
You really need to take control and act before you reach
crisis point. This means that you try to negotiate to put
all your debts together with one company. You're not going
to be in a very strong position, but you can still try to
negotiate a reasonable rate of interest. This will improve
if you can secure the loan with your home. When you're
looking at the repayments, think carefully about how much
you can afford and don't agree to anything that you know
you won't be able to maintain. It's better to pay a smaller
amount for a longer period than to promise something that
you can't maintain and default after a couple of months.
Rachel Linster is the owner and editor of
<a href="http://www.ourbankruptcy.com">www.ourbankruptcy.com</a>
a premier resource for bankruptcy information on the
Internet. For more information following this article
please pay a visit.
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