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Dealing With Hard Times Of Bankruptcy
by Rachel Linster
http://www.ourbankruptcy.com

We all go through bad financial times in our lives and I
guess that this is one for you. Although it's difficult to
believe, you're not alone and you're certainly not the
first and you won't be the last. You're probably thinking
about declaring yourself bankrupt because you know that
it'll wipe your debt away and you'll be able to start
afresh.

This sounds great, but, like so many things in life, it's
not as simple as that. The procedure is very public and
therefore very humiliating and will definitely damage your
future credit rating. The reality of this is that you won't
be able to buy a house or probably even a car in your own
name for a very long time. Many people leap into the
decision because they see it as a way out but the stress
takes its toll and many people become severely depressed
during the time.

Your bank, employer and everyone who has any dealings with
you on a professional level will also be told about the
bankruptcy and because notices of the bankruptcy are filed
publicly in newspapers it's totally impossible to keep the
matter private. If you have any assets whatsoever or if you
may be coming
into money through inheritance or a savings scheme, then
don't declare yourself bankrupt. As soon as you make the
decision you'll find that your bank account will be closed
and your credit cards stopped. Any assets you own will be
seized and if you run your own business it will be closed.
You'll also find that you'll probably be asked to leave any
associations or societies that you may belong to.

Your home will probably be one of the first assets that's
seized because it will be worth the most. The chances are
that you'll receive little sympathy even if you have a
young family. If you believe you've taken precautions, then
perhaps you need to think again. If you've put your home
into your partner's name it will still be taken away unless
you can prove that they paid the full value for it. The
same thing applies to any business you may own. It is
actually illegal to put the profits into someone else's
name in order to continue trading.

You really need to take control and act before you reach
crisis point. This means that you try to negotiate to put
all your debts together with one company. You're not going
to be in a very strong position, but you can still try to
negotiate a reasonable rate of interest. This will improve
if you can secure the loan with your home. When you're
looking at the repayments, think carefully about how much
you can afford and don't agree to anything that you know
you won't be able to maintain. It's better to pay a smaller
amount for a longer period than to promise something that
you can't maintain and default after a couple of months.

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