Most of my California bankruptcy clients are initially hesitant to file for Bankruptcy. There are many reasons for this: shame, fear of the unknown, and/or they worry their life will stop once they file for Bankruptcy. The truth is: you do not have to stop living your life just because you've filed for Bankruptcy. Remember, this is an opportunity for you to get a fresh financial start allowing you to finally start living your life without the burdens of excessive debt.
Understanding You're Not Alone:
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A person thinking about filing for Bankruptcy often feels as though they're alone in this situation. The truth is that there are many others in the same boat. In today's economy, more people are finding themselves in catastrophic financial situations for various reasons, including: sudden job loss, divorce, excessive medical bills, or the foreclosure crisis.
How Chapter 7 Bankruptcy Will Help:
If an individual is eligible for Chapter 7 Bankruptcy, most of their unsecured debt will be discharged. Unsecured debt includes items, such as: credit card debt and medical bills. Once discharged, the debtor will not have any obligation to repay these debts.
Meanwhile, the individual is still permitted to go on living their life as normal during the Bankruptcy process. They can still pay for expenses and necessary purchases, like food, entertainment, and even gym memberships. However, it is wise to speak with your bankruptcy attorney to get a grasp on which purchases are permitted.
Your Life After Filing:
The truth is that a bankruptcy can be reported on your credit history for up to ten years. However, this does not mean a person who has filed will never be able to get credit. Sure, the interest rates will not be as attractive as they once were, but you can still obtain credit shortly after discharge and begin the process of rebuilding your credit score.
Considering Bankruptcy?
If you are considering filing for Chapter 7, consult an experienced lawyer in your state. Most offer free consultations, thus there is no-cost to see if it is the right option for you.
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