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How to Determine if You Should File for Bankruptcy

Bankruptcy is often a last resort. Those who find that they simply cannot afford to continue to pay their bills can seek relief through this legal action. Bankruptcy is the legal act of eliminating debt. In the United States, there are different types of bankruptcies for individuals. In other countries, bankruptcy laws are a bit different. Determining whether or not you should file bankruptcy strongly depends on where you live.

If you are considering a Russian bankruptcy, there have been new laws introduced that will help you to avoid debt collectors. Those who choose to file bankruptcy can go to court and request a restructuring of their debts. If approved, this could give individuals up to five years to repay debts. If the debts cannot be repaid at all, a bankruptcy would ensue and personal belongings would be sold at auction in order to satisfy debtors. All belongings will be sold with the exception of the debtor’s home and basic appliances.

Determining whether or not you should file bankruptcy depends on how much debt you have and your ability to repay that debt. If you find that you absolutely cannot pay back your creditors, a bankruptcy attorney should be consulted. An attorney with experience in this field can further advise you on your options and help you to determine if filing bankruptcy is actually in your best interest. When choosing an attorney, ensure that you are seeking advice from someone who has experience in the field of bankruptcy and who is up to date on current laws.

An attorney with no prior experience could potentially lead you down the wrong path. If you are certain that you do not have the means or the ability to repay your debts, consulting with a qualified attorney who specializes in bankruptcy should be your next step.

02.10.2012. 06:24