When you file for bankruptcy, you formally acknowledge that you cannot pay your creditors. In addition to the potential relief you anticipate from filing for bankruptcy, you must endure the arduous filing process. In 2005, the government amended the bankruptcy law. Since then, declaring bankruptcy has never been simple.
Collective to the process of declaring bankruptcy is the appointment of a trustee to manage your nonexempt assets. As in Chapter 7, the court-appointed trustee has the authority to dispose all of your assets. Therefore, when you declare bankruptcy, you will essentially lose everything you own. You lack the ability to determine the disposition of your assets. You will be required to concur with the trustee's decision.
Even if the government views bankruptcy as an opportunity for individuals to have a ""fresh start,"" it will still appear on your credit report. Obviously, filing for bankruptcy will significantly harm your credit scores. This is not yet the conclusion. Even if you declare bankruptcy, you will still be responsible for legal and filing fees ranging from $3,000 to $5,000.
In addition to the legal remedy, there are additional options you would like to consider. There are companies that offer credit counseling and debt consolidation. They cannot protect your assets if the court has already decided on them, nor can they make your debt vanish into pure air. However, they can settle down with you and discuss alternatives to filing for bankruptcy. On the positive side, these businesses will neither seize nor control your assets. Contrary to what you may believe, these businesses' practices are legal. Therefore, you need not fret about engaging in illegal activity.
Today, a growing number of companies offer these services. And few of them provide the level of service you require to resolve your financial problems. You must choose the company you will collaborate with with care. Your decision will either solve or exacerbate your problem. Never put your family's future in jeopardy simply because you chose the incorrect alternative.""
" - https://www.affordablecebu.com/
