The American Bankruptcy Institute (ABI) reported in November 2009 that more than 136,000 people in the United States filed bankruptcy in October, a 27.9% increase from the October 2008 filings ("just" 106,266 consumer bankruptcy filings occurred in October 2008).
If you feel you and your family will become one of the stories behind those statistics, an experienced bankruptcy attorney can help you navigate the complicated bankruptcy process and help you keep as many assets -- such as your home -- if possible.
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If you find yourself in need of competent and compassionate help by a bankruptcy lawyer, you needn't feel shame. Many people are finding they need to file bankruptcy in these tough economic times. A New York Times story recently reported on several families who declared bankruptcy due to health issues because they either weren't covered by health insurance, or their health insurance was inadequate.
One couple fell into bankruptcy when the wife went on disability for a few months following back surgery, while the man had to take some time off from work for knee surgery (so that his knee wouldn't give out and he could continue working.). Both are back at work (and the husband is working two jobs), but their health bills far exceed their income. A quote from the story speaks volumes:
"I tell my wife that we beat the economy," [the husband said]. "But health care beat us."
A qualified bankruptcy attorney can help you decide if you should file Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy is the most common of bankruptcy filings. Once you have filed for protection with the Court, your creditors are required by law to stop all collection activity against you. No more telephone calls demanding payment, lawsuits, wage garnishments and best of all, no more debts! In general a Chapter 7 Bankruptcy will wipe out most of you debts, stop wage garnishments, repossessions and harassment which will allow you to control your financial future have peace of mind and get a fresh start.
A bankruptcy lawyer will also help you determine if filing a bankruptcy under Chapter 13 would be better for your situation. Often called a "debt repayment" or "reorganization" bankruptcy. Chapter 13 is a repayment plan for individuals and businesses with regular income that allows them to pay back all or some of their debts within 3 to 5 years.
Regardless, as you contemplate filing bankruptcy, be sure to find a good and experienced attorney from the many excellent bankruptcy attorneys available.
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