Real Talk behind Bankruptcy

Real Talk behind Bankruptcy

May 30

Bankruptcy has not received the best reputation and more often than not, people associate filing for bankruptcy as the one-all, end-all of their futures, as an absolute last resort. It is not without reason – the word itself doesn’t necessary inspire the most positive of outcomes, nor has media representation been kind to the concept. However, filing for bankruptcy need not be the end of all hope – but the start of a whole new beginning with a clean credit history.

According to the website of Erin B. Shank, P.C., many people benefit financially after filing for bankruptcy. Some of these people are elderly people or veterans of war who are not always in the best financial states and it was filing for bankruptcy that allowed for them to keep certain assets such as their homes or vehicles with paying off their dues through a payment plan that works in accordance with their income and lifestyle.

Anyone can file for bankruptcy, if the situation really demands for it. Perhaps you are drowning in credit card bills or mortgage payments or student loans. If so, a consultation with a bankruptcy lawyer can help determine if filing for bankruptcy is the best course of action for your current situation.

There are several different chapters of bankruptcy that you may qualify for and they are highly individualized in order to cater to your given circumstance or the payment plan with which you wish to uphold in order to achieve financial stability. For individuals or private citizens, one of the most sought after claims for bankruptcy is the Chapter 7 claim. In fact, it is the most filed claim in the United States – and some people, with the help of effective bankruptcy lawyers, are free from all their debts within three to four months and are allowed a fresh financial start.