Bankruptcy often carries a negative stigma. However many people today would benefit from filing a bankruptcy petition. I am not a lawyer so please verify any information you read here and consult a licensed attorney if you need legal advice. I have filed for bankruptcy before however that was way before the bankruptcy reform act of 2005 which changed everything.
Bankruptcy before 2005 was often a means for which the not so honest person was able to run up a bunch of debts and then easily kiss them goodbye forever. Of course not everyone who filed before 2005 was dishonest. I am not saying that. But today it is more difficult to have your chapter 7 bankruptcy discharged. Chapter 7 bankruptcy is where you pay back no one. Today the more popular bankruptcy is the chapter 13 where you can get as long as 5 years to repay your creditors, usually 100% of what you owe them. But this can be helpful as it will lower your payments and give you time to repay what you legitimately owe.
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As a mortgage broker I found many people with bankruptcies that were still able to get home loans and lenders were willing to do loans for them because once you file and your debts are discharged, it frees up your money. But as of late, loan underwriting has become very stringent and it is harder to get a home loan even if you have not filed for bankruptcy.
Bankruptcy is nothing to be ashamed of and often is a consumers best option when buried in debt and unable to get someone to bail them out with a big fat loan like the government gave to the irresponsible banks. So by all means if you are getting harassed by creditors and are honestly unable to pay or unemployed for an extended period of time and just can't make ends meet, just do it, your credit score will actually be better off sooner by not putting off the inevitable.
I have consulted a local bankruptcy attorney in Richmond Virginia and am unfortunately myself considering that bankruptcy may be my best option. The government duped me into the spend spend spend mentality and then very poor economic conditions set in and I blew through my savings, renters quit paying rent, loans quit coming in. I cannot find a decent high paying job and boom. I am up to my ears in debt with little money coming in.
I consulted a surprisingly kind lawyer who surprised me with their kindness and concern. My general feelings towards lawyers are not all that good as a rule. Experience tells me that lawyers don't do anything for free but there are actually some attorneys who will take the time to listen and understand your situation, answer any questions you have, reveal their fees up front, and offer genuine caring advice. Some even offer payment plans. I didn't think I could afford to file as it isn't cheap. And yes I think I am still putting off the inevitable and have not filed yet. But I keep telling myself something has to break, but so far it hasn't.
The U.S. Bankruptcy court has a nice basics page loaded with info at:
http://www.uscourts.gov/bankruptcycourts.html I found a bunch of info there, but it was easier to talk to a professional for free. I couldn't beat the price. So for me I think bankruptcy will be good, at least for my credit. And if I choose the chapter 13 option, it will allow me to pay everyone 100% of what I owe them on a payment plan I can afford!
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