Personal bankruptcy will not exacerbate the majority of debt problems and may eliminate them. It will initially stop the collection process and help clear the preponderance of credit, but it may not eliminate the obligation to pay any tax debts owed to the government. It is a legal procedure that may be able to assist you if you have more financial obligations than you can pay. It is a highly specialized and potentially complex procedure, which is why you should obtain a free consultation with an attorney. Bankruptcy does not stop criminal or other government actions against an individual, such as a tax court case, nor does it stop domestic relations counts.
Consult with a counsel regarding the specifics of your situation to determine if filing for bankruptcy will eliminate your debts and prevent foreclosure. It could either be an opportunity or a significant disadvantage. It will make profits and losses more predictable. If you ask me, this is a very serious issue in which, at best, each party appears to lose. Filing for personal bankruptcy can be quite expensive, and creditors also lose out, so almost everyone loses.
Unless your attorney instructs you otherwise, it is likely a topic you should avoid bringing up with your lenders unless you are in a dire situation. Oftentimes, it is the only way to escape the responsibility of enormous financial obligations. It is a legal proceeding that occurs in federal courts. It may affect both individuals and institutions. Personal bankruptcy may appear to be the only option for debt relief, but it entails significant costs.
Personal bankruptcy can eliminate one's debts and compel creditors to comply with the law. It cannot be used to defraud lenders or eliminate student loan debt, tax debt, or debt incurred as a result of criminal prosecution.""
" - https://www.affordablecebu.com/
