If you are considering filing for bankruptcy, you are not alone. Many people need to file for bankruptcy but are hesitant to do so because they are unfamiliar with the process, have credit concerns, and are afraid of the perception others and their employer will have of them. If your liabilities exceed your assets and your monthly expenses exceed your income, then you are a good candidate for bankruptcy. First, let me clear the air here by telling you that there is no longer any stigma attached to filing for bankruptcy. No one cares and chances are if you tell someone about filing they will share their own experience. And the good news is that after filing you can restore your credit very soon.
Hundreds of thousands of Americans file for bankruptcy each year. It is a relatively painless process and you can complete your bankruptcy in as little as a few months. If there are no contested matters, then you do not appear before a judge. The only appearance you are required to make is before a bankruptcy trustee at a first meeting of creditors.
A question I often hear is “Will bankruptcy get rid of all my debts?” The short answer to this is YES, with certain exceptions. A discharge in bankruptcy gives you a “fresh start.” There are two types of bankruptcy relief available to you. A Chapter 7 bankruptcy is appropriate for debtors who have consumer debt and no equity in their home or motor vehicles. A Chapter 13 bankruptcy is the best option for debtors who have equity in their home and a motor vehicle that they want to keep, and is basically a plan of reorganization where you pay your creditors your monthly disposable income over a period of 3 or 5 years.
Get off the never ending treadmill of making monthly payments to your creditors and never getting anywhere. File for bankruptcy and stop the harassing phone calls today!