If you are planning to file a personal bankruptcy to revamp your financial encumbrances, make sure you are well aware of all the legal implications involved in the process. Once filed, a personal bankruptcy form discharges all your debts to the creditors and helps you make a new beginning once again. However, unlike what most people usually believe, a personal bankruptcy does not emancipate all debts. It also does not release you from taxes that you owe to the state or the federal government. For instance, the burden of some specific loans, such as the secured student loans, remains on you even after filing a personal bankruptcy.
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The best thing about filing a personal bankruptcy is that it relieves you from all your 'unscheduled debts', such as the credit card bills, money owed to car-loan lenders, overwhelming medical bills, and foreclosures. Good news is that along with the Chapter 7 bankruptcy that you file for yourself, you can also simultaneously file a Chapter 11 Bankruptcy for your business. However, as these cases usually get a bit problematical, it is wise to hire a good Bankruptcy Lawyer for an appropriate legal advice.
After filing a personal bankruptcy, it is quite natural to feel relieved. However, it is very necessary to avoid any credit as far as possible in future in order to keep the credit report clean and avoid the so-called ballooned interest-rates in future. If you feel that soon after filing a bankruptcy, you should repair the credit score to lower the interest rates, it is better to rethink for a while. This sort of a belief can get you into big trouble once again as credit cards and loans that are taken to keep the credit score high will put you back into debt and can lead you to a second bankruptcy just to make your situation even worse in future.
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