In actuality, there is nothing """"instant"""" about the process of filing bankruptcy, except for the psychological stigma that is commonly associated with it, whereby people typically feel like failures for their need to raise the white flag and give up financially to start over.
As a result of recent significant changes to the bankruptcy law, however, the majority of people are unaware that filing for bankruptcy is no longer a given. You may not even be permitted to petition, even if you wish to. In addition, bankruptcy does not discharge certain financial obligations, such as federally funded student loans, alimony payments, and similar court-ordered judgments. In the latter category, if you delay filing bankruptcy and one of your creditors sues you to collect the unpaid balance and wins, that obligation cannot be discharged by bankruptcy because there is already a court order requiring you to pay it.
Psychological repercussions such as diminished self-esteem and a sense of failure are unnecessary for filers. Many of those who file for bankruptcy each year do not do so in order to take advantage of the system, nor do they do so due to egregious financial mismanagement. Rather, it is a response to a significant or life-altering event that had a dramatic impact on their income, such as an enormous medical expense, a job layoff, a very messy divorce, or similar events that are beyond the consumer's control.
One of the sadder aspects of bankruptcy filings is that the majority of consumers have not done their due diligence to investigate their options or determine what viable alternatives may be available to them. A personal loan, for instance, may help you regain your financial footing without the long-term consequences of bankruptcy. Similarly, a program that pays off your debts at a reduced monthly cost could be effective, providing you with the breathing room you need to regain your financial footing.
Sometimes bankruptcy is the only viable option, but you should still investigate your alternatives exhaustively. However, if you must declare bankruptcy, do so with your eyes wide open. With the changes to the bankruptcy law, it is no longer a do-it-yourself process, and if you endeavor to do it yourself, more of your assets may be liquidated than is required by law. Because they know the law and can also advise you on your options, the money you spend on a competent bankruptcy attorney can pay for itself many times over.
" - https://www.affordablecebu.com/
