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What a Bankruptcy Lawyer Wants You to Consider Before Filing

The purpose of this article is to discuss bankruptcy lawyer advice and summarize how filing for bankruptcy can impact you.

Are you considering filing for bankruptcy? Have you already contacted a bankruptcy lawyer to review your case? If so, then you might want to stop for a second and consider the impact of filing.

While it seems like the easy way to get out of debt, it really isn't. In fact, insolvency of your debt can haunt you for years thereafter the proceedings have passed and the debt is gone. As a result, you might want to take a minute to consider just what you may be getting yourself into. This is especially true if you have not fully exhausted avenues that can help you manage your debt without having to file. It is the goal of this article to review what a bankruptcy lawyer wants you to consider before you proceed.

One thing a bankruptcy lawyer wants you to consider is the negative effect on your credit rating. Sure, you may be able to kid yourself into thinking that you don't need any credit or won't need any credit for a while, but the truth of the matter is that you are not fully considering the magnitude of no access to credit. Credit includes more than just loans for cars and homes, it also includes stores and any other clubs/memberships that would consider you based on credit rating.

A second impact is that you can only file once every seven years. The take away here is that regardless of whether or not you pursue insolvency this time, you will have to learn how to properly manage your debt, so don't think you can just keep filing for bankruptcy when you are in a financial bind.

A third impact that a bankruptcy lawyer wants you to consider is that it will reflect on your credit report for up to ten years. That's right; the decision to file will continue to effect you for up to ten years. Every time you want to do something that requires a good credit standing you will be reminded of your decision.

Whether you are just considering filing or you have actually contacted legal representation for a consultation, making this decision should not be made without serious consideration of the repercussions of doing so. This is particularly relevant with respect to the long term effects of filing for insolvency. Specifically, there are at least three ways in which filing can impact you that a bankruptcy lawyer wants you to consider.

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