One of the first things if you’re drowned in debt you are probably asking yourself is “should I file for Bankruptcy to help me get out of debt?” Whenever someone asks themselves this they are usually asking this question thinking that bankruptcy should be their absolute last option and that filing bankruptcy means their life is over.
Thinking about Filing Bankruptcy
First, I think in order to decide whether you should file for bankruptcy, you need to first understand what bankruptcy is. Filing for bankruptcy does not mean that your life is over. Bankruptcy shouldn’t be looked at in a negative way, it should be looked at in a positive light as a tool that can help you get out of debt. Thousands of people file bankruptcy each year and if you ask many of the ones who have filed they will probably tell you that it was one of the best decisions they made. Although, most will probably say they never want to file again because they never want to be in a bad financial situation again. Many people are happy that they were giving the opportunity to be able to start fresh again.
Positive Thoughts About Bankruptcy
Once you start thinking about bankruptcy in a positive way light the next step in order to decide if you should file for bankruptcy is to sit down and speak with a bankruptcy attorney. An experienced bankruptcy attorney will review your current financial situation. They will look at your income, assets, and debts to determine if you should file bankruptcy. An experienced bankruptcy attorney can sit down with you and explain certain exemptions that will allow you to keep your property. They will also be able to answer some of the most common questions people have such as – you will be able to have credit again as soon as the bankruptcy is over. If you are eligible and decide to file bankruptcy, creditors will immediately begin sending you credit cards in the mail. Further, an experienced bankruptcy attorney will tell you that you will be able to get a mortgage again and buy a house. Although Bankruptcy stays on your credit report for 7-10 years this does not mean you won’t be able to own a car or home YOU WILL as long as you take the initiative to repair your credit. A bankruptcy attorney will explain the whole process to you so that your comfortable and debunk some of the bankruptcy myths you have probably heard from credit repair companies or debt collectors.
Its Your Decision to File Bankruptcy
Whether you should file for bankruptcy is ultimately your decision but you should sit down with a bankruptcy attorney and find out what bankruptcy is before shutting down the idea completely. Many bankruptcy attorneys give free consultations and many times people feel more comfortable once they understand how bankruptcy works. Many times people who choose to do debt consolidation or credit repair end up in the same position they were in previously. Many debt consolidation companies are scams and it is important to do tons of research before you decide to go that route.