Bankruptcy ~ Pinoy Reviews

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Thursday, June 19, 2008

Bankruptcy

Because there’s still an ongoing economic crisis in the US, more and more people over there are considering filing for bankruptcy. Foreclosures, rising unemployment rates, rising interest rates, are just some of the factors that would probably drive someone into filing for bankruptcy.

Though filing for bankruptcy may seem like the easy way out, people should take into consideration its effects. First, what little assets you have may be sold. Worst, if you were able to save your home, you may lose it since all your assets would be transferred to a trustee who will see to its distribution to your creditors. Filing for bankruptcy would also take a toll on your credit rating. It could take years for your credit to be repaired. Filing for bankruptcy would also limit your job options as it would be difficult to get jobs related to law or finance.

Bankruptcy isn’t the only way out. There are different debt options that you can consider rather than filing for bankruptcy. Harold Shepley & Associates LLC is a law firm based in Pennsylvania that might be able to help you with your debt problems. While some lawyers in order to make money would encourage you to file for bankruptcy, Harold Shepley & Associates LLC offer other options so you won’t have to go through the bad effects of bankruptcy.

If you’re located in other states, be sure to ask your lawyer about other options aside from bankruptcy and try to understand the long-term effects it would have on your life.

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