Not being able to afford your bills is one thing, but being pushed into the situation because of something that wasn't your own fault is far more frustrating. Job loss, a reduction in hours and more can throw your finances for a loop and leave you struggling to make ends meet. Instead of feeling helpless, why not look for answers from a bankruptcy attorney?
For many people, a Chapter 7 bankruptcy appears to be the best option. Don't allow some of these common misconceptions about bankruptcy prevent you from taking charge of the situation today:
Don't assume everyone will know that you had to file for bankruptcy.
While bankruptcy cases might be public record, that doesn't mean that everyone is going to know your business. Sure, your creditors are going to know you filed, but they don't know who you are from any of their other clients. It isn't like you have to worry about your name being published in the paper or advertised online where everyone can see that you are filing for bankruptcy. Unless you come out and tell someone you filed, they aren't going to know any better. Just because something happened to upset your situation, that doesn't mean you should live in fear of a bankruptcy being attached to your name.
Assuming that you are going to lose your car and home.
For most people, they are worried they are going to end up losing their home and vehicles. However, that isn't the case. With so many different exemptions available to filers, your attorney can make sure your prized possessions are going to be with you for years to come. If you cannot afford the payments on your home or vehicle or it is worth far less than what you owe on it, it might be best to let the house or vehicle go.
Worrying that you won't be able to purchase another home.
Just because you made the decision to voluntarily surrender your home, car and credit cards in a Chapter 7 bankruptcy, that doesn't mean you are going to be banned from getting them again down the road. Once your bankruptcy case is discharged, you can start rebuilding your credit slowly, but surely. By starting off with a low-limit credit card, you can start rebuilding your credit quicker than you think. Within a couple years, you can go out and get a new mortgage with the same type of terms you had on your other home.
Don't live your life in fear of filing for bankruptcy to eliminate your debt. Speak with a licensed attorney today who can walk you through the process of filing for bankruptcy. For more help, contact a company like Rafool, Bourne, & Shelby, P.C. with any questions you have.