“When you decide to file bankruptcy, it usually means your financial situation looks hopeless. Despite what many people think, there is no shame in needing a second chance for a secure financial future. Bad things can happen to good people as the saying goes. In addition, sometimes people simply make poor financial decisions, and the result is they find themselves stuck in a financial morass.
The purpose of the bankruptcy laws is to legally give people that second chance they seek. Anyone who has fallen behind in payments knows that creditors can be diligent and persistent when it comes to collecting their money. Many of your creditors have large and powerful legal teams also that spend all of their time sending collection notices and filing lawsuits. When these kinds of debt collection tactics accelerate, the misery it creates can be devastating. This misery doesn’t just impact your finances, but it can also affect your work and your relationships.
So for many the decision to file bankruptcy is initially one of desperation. But once you meet with the attorney and complete the initial financial assessment forms, the first glimmer of hope is felt. When the bankruptcy notice is actually filed in court, the hope takes hold and becomes one of relief. With the filing comes a cessation of collections efforts enabling you to live a normal life once more.
If you see yourself in this scenario then it is time to consult with a bankruptcy attorney. The bankruptcy attorney specializes in filing bankruptcies under the various chapters and is an expert in the complexities of the law. At some point, you will have to meet with the court appointed trustee, but for most of the process your attorney takes care of any court required appearances and all of the process forms.
Filing bankruptcy is a powerful means of solving debt burdens that you incurred for a variety of reasons. The purpose of bankruptcy is not to enable people to avoid paying their debt, but rather to give people a means of eliminating debt that there is no hope of paying. In fact, chapter 13 requires a payment schedule be established in cases where people are able to pay off some of their debts generally within 5 years.
If you believe you should file bankruptcy, the first step is to consult with an attorney. The attorney will be able to tell you quickly whether you will qualify for filing under the bankruptcy laws. The bankruptcy is for honest people who have made honest mistakes. In some situations the debt is the result of unforeseen circumstances such as hospitalization, death or even a natural disaster.
When it’s time to file bankruptcy, the first thing you will discover is that hope is restored in your life. Everyone deserves a second chance in life!”