There are many reasons why Americans try to avoid filing for bankruptcy with fear and pride being at the top of the list. It sometimes takes the lack of cash flow and someone sitting on a mountain of bills to force them into filing bankruptcy. For an individual whose life is spiraling out of control because of their finances and is trying to regain that control, filing bankruptcy might be the best financial decision they ever made. When speaking with a bankruptcy attorney they will share stories of how potential clients come in and make statements like, I want to pay my debt, I was raised to take care of my obligations, and the last doozy is, I would rather continue struggling then just give up and file bankruptcy. When looking closely at these statements it shows a person that's buried in debt trying to soldier on while masking their true responsibility to their family. Many debtors in this situation believe that inaction is a safe choice for them.
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Debtors in this situation don't realize that not doing anything is actually doing more damage to their family, health and emotions. If it's possible to find a way to make the bills disappear and jumpstart your financial life again, filing for bankruptcy would seem very attractive compared to doing nothing. Let's get something straight, not doing anything is like having one foot in the boat and the other on the dock. The only place you're going to end up is in the drink.
The first step in fixing the problem is knowing there is a problem and it can be fixed. There are many reasons how filing bankruptcy can help with debt problems and only a few for why not.
A bankruptcy filing no longer carries the negative stigma of the past. With the current economy over the last five years individuals from all walks of life have been faced with filing bankruptcy.
If you're worried about losing all your property, in today's economy the bankruptcy trustee is only interested in liquidating property that's easy to sell. Many times it will take more time and money to liquidate something than the property is worth. When looking at this information along with generous bankruptcy exemption laws, rarely does the debtor lose any property at all.
Many people worry that filing bankruptcy will destroy their credit. Although a bankruptcy filing will stay on a credit report for up to 10 years, after the debt is discharged the debtor will be able to rebuild their credit from the ground up. In fact, many people exit a Chapter 7 bankruptcy being almost or completely debt-free. With these debt ratios many creditors are willing to take another risk in a short period of time.
Health is a big reason to file for bankruptcy. After filing for bankruptcy all the collection calls, lawsuits, foreclosure and wage garnishments will stop. This will remove a huge amount of worry off the debtor's shoulders that is destroying your health.
Bankruptcy can help save your family. Many marriages falter in times of severe financial distress. Wipe out the debts and save your marriage.
Most of the reasons for holding back individuals from filing bankruptcy can fall under the category of myths and legends. There are many fears the people have that just don't exist.
Filing bankruptcy is a serious subject and should be discussed with a bankruptcy attorney when making the decision to file. Doing nothing, will in most cases only make things worse. Many people exit a bankruptcy filing feeling elated like the weight of the world has been lifted off their shoulders. See what filing bankruptcy has to offer you.
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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