Bankruptcy is one of the greatest things this country has to offer in terms of gracious, compassionate laws. I have experienced this several thousand times as a Broadview bankruptcy attorney. In any other area of the law, it’s usually a compromise. No one ever feels they won, nobody ever feels like they completely lost. It’s often a negotiation. With bankruptcy, you literally are given that fresh start from most of your bills. Bills such as credit cards, medical bills, personal loans, auto deficiencies, mortgage foreclosure deficiencies, those debts are easily eliminated in a Chapter 7 bankruptcy case. You are literally given that fresh start and those debts are removed from your life forever. This is the great benefit when you choose to claim bankruptcy.
There are some debts that do not go away such as student loans, recent taxes, parking tickets, child support, alimony, maintenance payments, debts incurred by some sort of fraud. If you file a Chapter 7 bankruptcy, you might have one or more of those debts that are going to stick around, however, by eliminating the debts that can be eliminated; you free yourself up to pay the debts that cannot be eliminated in a bankruptcy. So bankruptcy is a great way to get a fresh start or to reorganize your debt over time. Those are the two ways and the two types of bankruptcy cases that are most commonly filed.
There is life after bankruptcy; usually a fantastic life financially because you’ve eliminated the stress from your life and you’ve eliminated the obligation to pay the majority of the debts that were bringing you down. You can start to save again for your future. You can purchase a vehicle immediately after filing for Chapter 7 bankruptcy. You can purchase a home after two years of the date of filing. You can provide for yourself and for your family. You can sleep well at night knowing that creditors cannot contact you. You do not have to worry about lawsuits, garnishments or creditor calls. The first thing that you need to do is find a bankruptcy lawyer.
Remember that the lawyer that you choose can make a big difference in the success of your case. You want to find an attorney who has experience in the field of bankruptcy. You do not want someone right out of school who has never handled a case before. This is hopefully the only time that you will need to file for bankruptcy. You should insist on getting a good lawyer to assist you with the filing.