If you have found yourself overburdened by debt and your income at the present time is not enough to cover your bills than you may want to consider bankruptcy as one of your options. If this is the case then there are a few things that you will want to take into consideration. You certainly don't want to let your creditors know that you are considering bankruptcy, or they make the preemptive move of seeking a default judgment against you.
If you are going to try to negotiate with your creditors then you should seek out the help of a credit counselor who can assist you in this area. If you have made the decision file for bankruptcy then you will definitely need the help of a qualified bankruptcy attorney. After your attorney files the papers at the court clerks office your creditors will then be notified that you intend to have your bills discharged.
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This will be the beginning of your creditors trying to negotiate with you seriously. Your attorney can advise you on these matters, because one of the things that they will try to get you to do is to reaffirm your loans which will make them exempt from bankruptcy proceedings. Depending on what they are offering you you may choose to do this and this is quite often the case.
You have to bear in mind that a bankruptcy will damage your credit for years to come and it will be very difficult to get credit with a bankruptcy on your record. There are many things that a good credit councilor can do for you such as arranging a low interest personal loan that you can use to pay off any burdensome high interest debt that you may have. It is important to bear in mind that bankruptcy should always be your last resort.
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