Life can really knock you off your high horse sometimes, perhaps through high credit card debt or medical expenses. I know. I had a medical emergency awhile back and with my high insurance deductible, I was forced to put a lot of those expenses on my credit card. Things didn't get out of hand for me financially, but they do for a lot of people. It can be very alarming and downright scary. I didn't know back then that I could have hired a bankruptcy lawyer to help me get financially secure once more.
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But won't everyone think you are a misguided, awful person if you file bankruptcy? They used to think that way but today, there are so many people working themselves to death and still not able to make ends meet, that bankruptcy has become a way of acceptable life.
Bankruptcy lawyers know all about filing for Chapter 7 or Chapter 13 personal bankruptcy. Chapter 7, or a "straight" bankruptcy, is quick and easy and would have helped me tremendously in getting rid of all my high credit card debt incurred from medical charges. About 65% of the bankruptcy claims in the U.S. Are Chapter 7. These filings are usually for a 90-day period.
Chapter 13 means the one in debt gets to keep being the owner of all his property and possessions, but he has to work to repay all of his debts. This is done over time and is very effective. It simply gives you room to breathe when negative circumstances hit you. A trustee will generally put you on a 5-year loan repayment plan, and you pay them a certain amount every month. You can still retain a job, but your wages will be garnished in order to repay your debt. It will take courage and tenacity to finish paying off your debt but the sense of entitlement you receive at the end will more than compensate for any hardness you will have to endure.
There are some kinds of debt that will not be exonerated by filing bankruptcy. Debts such as student loans, back child support or alimony, or debts incurred as a result of drunk driving. Your bankruptcy lawyer will be able to fill you in completely and in detail about these non-dischargeable debts. And be sure to be upfront and honest with your bankruptcy lawyer so none of these past debts come back to bite you later.
So just how long is a bankruptcy filing on your credit report? Pretty important question, I might add. Seven to ten years but there are extenuating circumstances in the length of time. Your bankruptcy lawyer will be able to explain these to you in detail.
Your bankruptcy lawyer will play the role of your protector. He knows the bankruptcy laws and will work on your behalf to be sure your filing is handled properly and that you aren't taken advantage of.
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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