Although many people are under the impression that declaring bankruptcy can enable you to clear all of the debts that have been accumulated, but in reality - there are many debts which are not cleared from claiming bankruptcy and the consumer. Which debts must still be repaid despite the consumer declaring bankruptcy? The debts which are not dischargeable when claiming bankruptcy are:
- Payments that are owed for child support
- Divorce and property settlements
- Amounts that are owed from tax liens
- Personal injury debts
- Government funded educational loans
- Condominium or Operational type housing fees
Aside from still having to repay the debts which have been accumulated in some cases there are fees that are associated with bankruptcy. Some of the common fees that are associated with claiming bankruptcy include the fees that are associated with requiring a lawyer to complete the process. A bankruptcy attorney can cost upwards of several thousand dollars.
When declaring bankruptcy, it is important to ensure that you are declaring bankruptcy for debts that have been incurred and are dischargeable to ensure that you are truly making the right decision. In the case that you are declaring bankruptcy for debts which cannot be covered through the bankruptcy you may want to reconsider to the various other options that are available to you.
Since declaring bankruptcy comes with many costs, perhaps you should consider some of the alternatives that come with bankruptcy. Some of the alternatives to bankruptcy include creating a budget with a rapid repayment plan that can allow you to pay more than the recommended fifteen percent of the budget which should be allocated to debt repayment.
Since there are many other options that are available to you, options that can come without making a mark on the credit report for up to ten years and that can limit the amount of credit that you can receive, as well as ensuring that you can have access to the best interest rates, it is important to consider all of these options while taking part in the process to regain control of the finances.
If you are considering to hire a bankruptcy attorney or lawyer, then you should read more about it and do some thorough research about it first before making any decision because as mentioned earlier it can cost upwards of several thousand dollars. If you want to learn more, feel free to visit our site listed below.
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