Are you prepared for the expected?
Most people, by the time they consult a bankruptcy attorney to discuss their personal bankruptcy options, have explored some debt-relief paths of their own. If they haven't been faced with foreclosure on their house or repossession of their car, they've certainly heard from creditors or debt collection agencies. Maybe they've tried to negotiate, started making payments and fell behind. By the time they speak with a bankruptcy attorney and become aware of the very legal and available options for debt relief, it's a great mental relief as well.
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When most people hear the word "bankruptcy" they think of a major elimination of debt, called "filing a Chapter 7 bankruptcy." But there's also a way to restructure and repay debts during a three to five year period under a Chapter 13 bankruptcy. Not all debt is "dischargeable" through bankruptcy (child support, some back taxes, and student loans are common exceptions), but it's a great relief for them to know that there is a way, a well-traveled way, to get back in control of their finances.
Besides, the vast majority of people who file bankruptcy are not trying to use a legal loophole or an excuse not to pay debt. There's a rare exception who may plan ahead of time to wipe out debts through the bankruptcy procedure, but for most people falling into overwhelming debt is unexpected and viewed as a financial disaster. For sure, if you had known you were going to be in an auto accident, be mugged, slip on the sidewalk crack and take a nasty fall, would you have taken that path at that time? Of course, never - humans avoid loss and the pain associated with it. For most of us, none of the losses suffered, especially when we planned for success, are expected.
Think about it for a minute: if you've ever lost a job, didn't get the pay increase, didn't cash in on your house sale, or your stocks, or... whatever the specific expectation, did you consider that was going to happen? Not if you were seeing everything through the rose-colored glasses of positive thinking; not if you believed that profits would continue to rise on and on into the future without a dark cloud in the sky of opportunity. Now that you look back on those "down days," isn't it easy to see them as not completely unexpected?
So the downturn in the economy was completely unexpected? And the fact of illness, injury, change in weather, damage or loss to property, things wearing out, including your body along with your clothes, all of these things were not expected at all? Of course, some (hopefully, not all) of these things happened to you and your plans were changed. You had to abandon Plan A for your life and go with Plan B, out of necessity, in order to be realistic and deal with unexpected events.
The fact that debts became overwhelming and courses of action that you tried didn't work to relieve your financial troubles brought you to a place of choosing which type of bankruptcy relief is appropriate for your circumstances. The choices are two for personal bankruptcy cases: Chapter 7 Bankruptcy (elimination of all/majority of debt) or Chapter 13 Bankruptcy (structuring an affordable plan to pay over a period of 3 to 5 years).
Now you're prepared for the expected, you're ready for the next step.
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