If bankruptcy has crossed your mind as a resolution to your serious financial issues, don’t feel badly if it makes you a little scared! For a very long time the word bankruptcy has had a negative vibe to it. Much of this is due to false stereotypes, horror stories, or rumors from people who have not really experienced it.
The truth of the matter is that filing bankruptcy doesn’t have to be terrifying. It is a big step, however serious debt problems are going to require some action or they will only get worse. If Chapter 7 or Chapter 13 bankruptcy is truly fitting to resolve your personal financial situation, then it can be a huge relief and fresh start. Here’s what you can do to calm those nerves:
Not only should you look for a local bankruptcy attorney who is convenient for you, but also one who has all of the qualifications. For example, Debt Advisors Law Offices has been 100% dedicated to bankruptcy cases for nearly twenty years. Finding a bankruptcy attorney who has that kind of experience is the key. Do some quick research online. Example: Look at the firms online reviews and find out what others are saying about their experiences. Once you have found an attorney who can provide solid debt advice, you’ll be far more comfortable with the process.
If you’re truly in desperate financial situation, the people closest to you probably already know. Don’t be scared that filing bankruptcy may be revealed. It is true that bankruptcy cases are public record. But, putting that fact in perspective is important. Because, unless you’re a high-profile public figure, your bankruptcy case is not going to be newsworthy.
The non-stop irritation of bill collectors and the negative weight that financial debt has on a family is crushing. What matters the most is that you take the brave step towards obtaining a resolution. Bankruptcy can eliminate debt, stop those harassing phone calls, and provide your family a sense of peace.
Don’t fear what you’re going to lose until you hear what is to be gained. For example, only a very small percentage of bankruptcy cases require debtors to turn over property to a bankruptcy trustee. You can buy a home, purchase a car, and improve your credit after bankruptcy. For many folks, these things happen even sooner than what they thought. Just because bankruptcy stays on your credit bureau report for many years doesn’t mean that you’ll be financially chained for that period of time. There are plenty of lenders out there that work with people who have recently filed bankruptcy. Once you’re debt-free your resources open up. Often times, this new financial situation will encourage lenders to reach out to you. As soon as you start to build your credit score, credit rates will decline as well.