Although bankruptcy is an available option for those who have gotten themselves into deep debt which they cannot repay, it does have a certain stigma attached to it and it seriously cripples your ability to get credit or borrow money for a long time to come. When you seek bankruptcy information in San Bernardino you will find that, although your declaration of bankruptcy disappears from your credit history after 7 years, you will still be hobbled if you should declare that you have never been bankrupt when you have, this is fraud and unfortunately this never goes away.
You may find out that declaring bankruptcy is your best option, but before you do that, it is wise to look at ways that you can pay off your debt.
Negotiation with creditors: A creditor would much rather see the debt satisfied than to have it discharged. If you are behind on your payments, attempt to get the payments lowered. Don’t ask if your current, a creditor is more likely to offer some relief if you have fallen behind, not if your current.
Seek credit counseling: If you find that you are unsuccessful in dealing direct with the creditor; then try a consumer credit counselor. These individuals can often get a lower interest rate which equates to lower monthly payments that may be possible. They have no mandated power by law, but they often know what to say to get relief. If you do eventually declare bankruptcy you have to have credit counseling anyway, so this is something that you might as well do as eventually you will have to do it.
If negotiations do not work, then filing for bankruptcy may indeed be the right thing to do. When you talk to an attorney they will no doubt offer bankruptcy information in San Bernardino that can mitigate the effects of bankruptcy.
Filing bankruptcy may be valid if:
* Your wages are being garnished
* You have medical bills that are way beyond your capacity to pay
* Are you being sued?
* Do you have any meaningful assets?
* Do you have any savings?
These are all valid reasons for considering bankruptcy but every situation is unique. The best thing for you to do is to consult with a bankruptcy attorney.
