Do you spend your nights poring over bank account information and organizing overdue bills? Are creditors constantly harassing you with phone calls and letters about your lack of recent payments? The recent economic downturn has left many people at the mercy of credit card companies and banks that are demanding payment and increasing interest rates. At the same time, so many people are out of work, that just providing for the necessities can be difficult. If you're tired of being ashamed that you've lost your savings, or fallen behind on mortgage payments, you should know that making the decision to file for bankruptcy isn't something you should be ashamed of.
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Most people think that they know what bankruptcy means, but many have no idea how recent changes to the bankruptcy laws in the United States might have affected their eligibility. Most importantly, most people think that they have to be pretty much homeless before they can file for bankruptcy, but this simply isn't the case. According to the Constitution, it is your right to file for bankruptcy when you simply can't cover your costs of clothing, food and housing, while still making the necessary payments on your debts.
If you're thinking that it might be time to file for bankruptcy, it's important to consider that there might be other options available. If you are relatively young, with a consistent income and few dependents, it might be possible for you to create a strict budget for your finances that will allow you to pay off your debts on your own. This may be the preferred option, and will ultimately help you to improve your credit rating over time.
However, if you are older, living on a small or fixed income, with a fair number of dependents and struggling with a large amount of debt that can't be paid off through budgeting, it might be time for you to file for bankruptcy. Keep in mind that there are two types of bankruptcy filings that are generally used by consumer debtors, Chapter 7 and Chapter 13. Depending on which chapter you choose, it might give you a chance to hold on your home, business and assets. The most important thing to realize is that you can always ask for help to decide which option you should pursue. Don't struggle alone, call a bankruptcy attorney or financial advisor and have them review your case.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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