We all start out in life with good intentions to borrow money and pay it back. But, what happens when your life changes and things get out of control. You lose your job, have a major illness or your spouse dies. Bankruptcy is for some people who have too much debt and needs a new start in life by eliminating the heavy debt burden.
Bankruptcy was not intended to be an easy way out to eliminate debt. It is a means to once again live a normal life without the stress of unsolvable financial problems. Having to file bankruptcy does not mean you are financially irresponsible. This is done after seeking Credit Counseling with a reputable firm to seek payment options.
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There are times in life when you have too much debt and poor chances of being able to reduce the debt without outside help. The need to file bankruptcy is the best alternative for some people. The bill collectors are calling and hounding you at home, at your job and you cannot handle it anymore. You have tried to talk to them but all they want is to collect their money. This type of scenario will drive some individuals to file Chapter 7 or Chapter 13. It is impossible to live a normal life when debt is uncontrollable and the bill collectors are calling you.
Lets look at Chapter 7 Bankruptcy. This is when all debt is written off that cannot be settled with asset sales. Your assets are less than your amount owed. The court will determine what assets you can keep and which must be sold for debt settlement. Some people go this route usually due to unusual circumstances like a major loss of income or death in the family after a long term illness. Medical bills after the Insurance Company pays can still be pretty high due to specialized treatment for cancer or a heart transplants. After your attorney files, the collection agencies will stop calling you. If they don't stop calling, notify your attorney, he or she will take care of it for you. Remember, you do not do anything without consulting with an attorney.
A Chapter 13 Bankruptcy reorganizes your debt payments into a repayment program that you can pay to your creditors. It is also called a wage earners plan. This is generally a way out if you have too much credit card debt or consumer loans and want to begin to live a normal life again. It does not forgive your debt but makes it a more affordable way out of your situation. It is easier to make payments over a longer period of time. Again, you do not sign anything without consulting with an attorney on this matter.
In both cases the creditor calls will stop and you can rebuild your life again. The good thing is when the creditor calls stop and that part of your stressful life will end. You still have to deal with the courts but you will feel a less stress from the bill collectors. Anyone who has ever gone through one of these will understand what I mean.
In conclusion, we all start out borrowing money with good intentions of paying it back but situations change and force us into Bankruptcy. The stress of the bill collectors will end when your file for Bankruptcy, if it does not, notify your attorney and they will take care of it. You now have a chance to reorganize your life and get back on track. Filing for Chapter 7 or Chapter 13 is serious business and needs to be handled by a competent Bankruptcy Attorney always. Credit Counseling can be helpful to begin with but be wary of unscrupulous credit counselors or other scam artists, Always, consult with a competent attorney before making any decisions regarding any financial decision you make or you will regret it later.
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