Filing for Bankruptcy can be a traumatic experience and it it not to be taken lightly. Before even considering this route you must first see the alternatives as they may save you a lot of hassle and expenses and also be better for your reputation although Bankruptcies are sometimes the only choice left.
1. First see if your Bank can assist you with debt reduction or consolidation loans that are cheap but if this fails then you can look at a debt management agency to take over all your debts and bring the debts down considerable. Here you can then pay your debts off at a discounted rate with a monthly payment you can afford.
2. If the above isn't possible then it is best to seek some legal advice on the matter, depending on the laws in your country. Usually if you want to file a bankruptcy you have to file it through the courts and there are usually two types of bankruptcies.
One is a total liquidation of assets bankruptcy and the other is a paying off your debts kind of bankruptcy which is the one that most of the times you are granted. Even though a lawyer costs money it is advisable to get one as the whole process is quite a long winded affair with all and sundry probing into your life and your assets or lack of them. After filing what is known as a Debtor's Petition you will then be investigated and so all your answers must be as accurate and true as possible and this is where the lawyer really comes in handy.
Make sure that before you decide to file for bankruptcy that you know the full cost of the court plus solicitor's fees so you know exactly what you are getting involved with.
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