Unless you've been living under a rock for the past few years, you're probably aware that the United States economy has seen better days. First the banks, then the credit card companies, then the auto manufacturers were forced to admit that their "play now and pay later" attitudes had gotten them in a whole heap of trouble. The truth is that although these major companies got a nice little bailout package, the average American was left to wallow in ever rising credit card debt. If you've had enough of pesky creditors and fears that your family could lose their house at any moment, it might be time to consider bankruptcy.
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There aren't many people who would be willing to talk with you about their financial problems and their need for a financial rescue, and that's because Americans like to always appear like they've got everything figured out. Many people think that declaring bankruptcy is a sign of defeat and a decision that will haunt you for the rest of your financial life, but the truth is that this is just one of the options that are available to you when you've run out of places to turn for help.
Any bankruptcy lawyer will likely tell you that this is probably the last option that you thought you would consider for taking care of out of control debt. While it is your Constitutional right to implore the federal government for relief from your debts, your still need to consider if you can pay your debts off without having to file for bankruptcy relief. Struggling to meet every last minimum payment month after month and missing payments may actually gives you worse credit than if you were to just start all over again. Banks also know that at least you're more likely to afford your debt the second time around.
Another myth about bankruptcy is that it will make it so that you can never qualify for a loan or buy a house ever again. If you're in danger of losing your current house because of large amounts of debt, this is probably far from your mind, but if you're hoping to buy a house in the future, it is a real concern. It's actually more harmful to have large amounts of debt accruing interest than it is to file for Chapter 7 or 13, wait a few years to save up a down payment, and try again.
Nothing is this article should be construed as legal advice and should be used for informational purposes only.
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