Are you considering bankruptcy? If so, you are not alone as bankruptcy filings are becoming increasingly common. In fact, it’s estimated that one out of every 70 households in the United States files for bankruptcy, with Arizona, California and Nevada having the most bankruptcy filings. Moreover, financial irresponsibility is not the only cause for bankruptcy.
Nearly 62% of bankruptcy filings are related to illness or medical bills, according to a report by the American Journal of Medicine.
There are many myths and stigmas attached to filing for bankruptcy, however, filing for bankruptcy offers many a fresh financial and personal start, which then gives them the
freedom to pursue their ambitions.
You may be wondering which kind of bankruptcy is best for your financial situation. Personal bankruptcy is divided into two categories, Chapter 7 and Chapter 13. Chapter 7 bankruptcy is best for those who face debilitating debt from credit cards, medical bills, repossessions, evictions and utilities. Though Chapter 7 may not protect you from foreclosure or allow you to keep your belongings, it does however, allow you to clear your debt and prevent creditors from calling.
Chapter 13 bankruptcy differs in that your local bankruptcy lawyer will restructure your debt, creating a court approved plant to pay a pre-determined amount back. Chapter 13 bankruptcy also eliminates the risk of losing your home or possessions.
The decision to file bankruptcy is not an easy one nor one that should be taken lightly.
You many want to consult with an experienced local bankruptcy lawyer before making any concrete decisions. You may also be wondering how to find a good bankruptcy lawyer in your area. Finding a lawyer who has experience in bankruptcy is ideal. Begin by searching local listings and reviewing websites. In addition, most local bankruptcy lawyers also offer free consultations in order to better serve their clients.
Bankruptcy law lawyers can help you navigate the process of filing for bankruptcy, as well as genuinely understand and empathize with your emotions during this time. Experienced lawyers for bankruptcy have handled a variety of cases and financial situations. Therefore, you can feel confident that your case will be handled with the utmost professionalism and diligence.
Though there are many stigmas associated with filing for bankruptcy, it is important to note that benefits of filing greatly outweigh the burden of carrying a large amount of debt. Additionally, many of these stigmas are based on misinformation. Consider filing for bankruptcy an opportunity to take charge of your life. Bankruptcy is more than just financial relief, it’s a way to live the life you’ve always wanted.