Bankruptcy Marketing and Its Affects on You

By Jim Kesel

What is bankruptcy marketing and how can it affect you? During the current economic recession many people are seeking financial relief by filing for court ordered debt relief.&#160Home foreclosures are at record highs and many people are finding that their mortgages are underwater. Many people are filing for bankruptcy at record numbers as well . However there can be long term consequences as a result of a successful debt discharge.

The bankruptcy courts are literally years behind and law firms that handle these cases are extremely busy. Prior to filing for any financial relief it would be wise to seek assistance from the many state and private groups that provide financial service information. The offices of HUD have sponsored many such organizations in order to help people to stave off home foreclosure and bankruptcy. Despite what many bankruptcy marketing ads proclaim in most cases filing for bankruptcy will not stop a home foreclosure.&#160&#160

If you do file for bankruptcy and your debts are set aside you will find that your credit has been damaged for at least 7 years and in many case up to 10 years. Many bankruptcy marketing companies will immediately begin to send you a massive amount of consumer credit offers. No longer will your mailbox be full of unpaid bills but it will instead be full of credit card scams that will quickly lead you to become in debt again. In most cases you will remain on a bankruptcy mailing list for at least 5 years. Now is the time to start living on a cash basis that will require you to live within your means. It is also the first step in financial security.&#160&#160

Despite all the misinformation provided by bankruptcy marketing companies there are real consequences to a court ordered debt discharge. The real impact of a successful debt discharge comes when you try and purchase another home. After the current mortgage crisis the requirements for getting a new mortgage &#160have become very strict. It would be fair to say that if you have any history of mortgage default most likely your application will be denied. &#160Many top financial advisors will tell you that it is much better to have your home foreclosed or to short sell your home than to file for bankruptcy relief.&#160&#160

If you are considering &#160financial relief from the courts you really need to do some serious research before you file. There are many public and private resources that can be of assistance. Most can be found directly on the Internet.&#160Spending time researching all your options and talking to experts will pay big dividends. The new government stimulus legislation is supposed to provide some relief and assistance as well. Information is power. The worst thing you can do is to simply ignore financial problems until they turn into a crisis. Again do not fall for all the misinformation provided by bankruptcy marketing firms, there are serious consequences to court ordered debt relief.

The
Bankruptcy Marketing website is located at http://www.bankruptcycreditcardinformation.com Providing information on bankruptcy, financial assistance, consumer credit and credit card scams

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