Experts Reveal Why Filing For Bankruptcy Is Not Recommended After Identity Theft

Veröffentlicht von: Taig Online Solution
Veröffentlicht am: 08.04.2016 11:54
Rubrik: Industrie & Handwerk


(Presseportal openBroadcast) - Orlando, FL – April 8, 2016 - Victims of identity theft have a few things in common, and one is that the unfortunate experience probably makes them feel like being hit by a load of bricks in the chest. While this misfortune can place victims in emotional and financial shambles, they should ensure that they don’t do things that could further place them in a limbo.

Experts reveal why filing for bankruptcy after identity theft is not the best thing to do. Filing for bankruptcy can be quite tempting. Many people thought that doing it could stop collection calls as well as delete the debts in their credit report.

Unfortunately, filing for bankruptcy could be a big mistake as it carries along undesirable long-term consequences. One of the reasons why filing for bankruptcy is not a good option is because the victim is legally entitled to have the debts removed.

Identity theft victims have legal protections, which cover the removal of debt from the credit report within 4 days of an identity theft report. It is also important to remember that bankruptcy could ruin the credit of the victims.

It would decimate the victim’s credit and bankruptcy would even stay visible in the credit report for a long period of 10 years. Bad credit could also cause an impediment in qualifying for new loans or even getting jobs.

Bankruptcy can stay in one’s record for many years. It could negatively affect various aspects of a victim’s life even after many years have already passed.

What makes bankruptcy even more discouraging is that it is expensive. Filing for it could actually cost several hundred dollars for the fees, charges, and lawyer. The process could be both lengthy and expensive.

Experts recommend that victims should seek the help of law enforcement. It is important to remember that nowadays, identity theft has become difficult to investigate and prosecute. Thieves could steal using barely undetectable tools and techniques.

Those who want to help stop or reduce cases of identity theft should report the crime to agencies. There are agencies and services that are willing to help victims restore their identity.

Individuals who have already been victimized by identity thieves and who never want to experience such a terrible experience again may use measures that could help increase their protection against the crime.

There is a set of RFID blocking sleeves available at amazon.com. These sleeves are designed to block skimmers and other tools from reading and stealing information from credit cards and other documents that contain personal information (http://www.amazon.com/RFID-Blocking-Sleeves-Protector-Protection/dp/B0150T0AI2)


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