With Christmas past and the New Year is fast approaching, many Americans will be faced with the dilemma of what to do about their debt situation. Most people make some sort of New and Year's resolution ever year and this year will be no different. Getting out of debt might be the best New Year's resolution that anyone could possibly think of. Back in the 60s, after Christmas people weren't strapped with $10,000 in credit card debt from Christmas alone. It seems that every year Americans tend to just kick the can a little bit further down the road to get by. At some point in time, it will be time to pay the piper and there just won't be enough money to do it. Before it gets too late it might be time to visit a bankruptcy attorney and see if filing bankruptcy might be a solution to overwhelming debt.
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There are many reasons to file for bankruptcy and all but a few that stop people from filing. The typical excuses that people use are, "I don't want to ruin my credit " or another doozy is, "I need my credit cards to live." The problem with these excuses is that the credit card that they love so much is the thing that is destroying their life. When it all boils down, the real reason is pride and the uncertainty of living without credit.
Because people don't want to deal with their financial problems, many times inaction is their safe choice to use. This works as long as the debtor can continue making the minimum payment on their credit cards. Once the consumer misses a payment or two they will begin to understand that the creditor is not their friend and has no problem taking aggressive action to collect on the debt owed.
That's why filing Chapter 7 bankruptcy is a foolproof solution to eliminating credit card debt. If the creditor wants to try something against the debtor filing for bankruptcy, they will get stopped in their tracks because of the automatic stay. The automatic stay is one of the most powerful tools that a bankruptcy attorney uses to protect the debtor from their creditors. Once the bankruptcy is filed, the creditors are notified and the automatic stay is put in place until the bankruptcy discharge. The automatic stay stops all collection and legal activity against the debtor. This includes, phone calls, letters, lawsuits, wage garnishments, judgments and foreclosure. The only way around this for the creditor is to file a motion with the bankruptcy court for relief of stay. Typically, this will only be granted regarding the secured debt that the creditor can prove the ownership of.
Getting a fresh start in the New Year by filing bankruptcy can give the debtor a fresh outlook on life. The stress of unaffordable bills will be gone, the collection calls will stop and no longer does the debtor have to worry about being served papers on a lawsuit. Filing for bankruptcy will remove this stress that can ruin your health. Many people are using the power of bankruptcy to eliminate their debt. So don't worry about being embarrassed about having to file for bankruptcy. There is anonymity in numbers, in fact, there were over 1.5 million Americans that use bankruptcy filing to eliminate their debt in 2010 alone. The banks have been bailed out a few times in the last few years, why not use filing bankruptcy as a form of bail out that was created for the normal folk.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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