How Do I Know if Bankruptcy is Right for Me

How Do I Know When to File

Most people wait WAY too long to decide that bankruptcy is right for them.  Whether it is

Chapter 13 Bankruptcy or Chapter 7 Bankruptcy,

the federal government created bankruptcy for a reason.  If you exhaust all of your assets before you decide to file, you will not have any assets left to re-establish your financial footing.  The assets you need to get back on your fee are protected by your Bankruptcy Exemptions.  Use those exemptions and the governemnt endorsed system to get back to real life.

Find out more about Life After Bankruptcy.

Bankruptcy is the only way to force your unsecured creditors to discharge your debt.  A debt consolidation company will not do this for you.  Creditors do not have to work with debt consolidators.  In fact, American Express simply will not work with any debt negotiators.  Debt negotiators will also not be able to work with secured debt.  If you lose your home, you will have a foreclosure on your record and a possible defficienncy judgment that a debt consolidator will not be able to help you with.  If you get your car repossessed, you will end up with a judgment for the difference between what you owed and the amount the car company got from their friends when they sold the car at auction.  There is nothing a debt negotiator can do about this judgment.  It is a public record and the Sheriff will help them collect.  Bankruptcy is the only legitimate system that can force the creditors to discharge this debt without paying them anything.  

It is not in the interest of the public or the government to have you struggling with debt.  The government is in debt themselves.  They need you out earning money to pay taxes to support their spending.  Therefore, they are going to allow you to write off the debt that is holding you back.  Besides the righest people own the banks and are not really going to miss the money you write off.   

 Bankruptcy is Right for Everyone

I know, you feel a moral obligation to pay your debts.  That is admirable.  You should also feel an obligation to things that matter in life.  Who else is counting on your money?  Do you have a family member or a parent that could live more comfortably if you were not having to pay all of your disposible income to a bank so they can pay their CEO millions of dollars?  Let's keep things in perspective.  Your money is already taxed by the government at one of the highest levels of any nation.  In exchange for that you have to pay for your own healthcare and your own higher education.  In addition to that, you have to pay ridiculously high interest on debt from a long time ago and the interest higher than the monthly payment putting you farther into debt.  The government and the banks have taken enough from you and your family as well as created stress and unhappiness in your life.  Our founding fathers recognized this cycle and that is why we have a process like bankruptcy.  It is your benefit from paying too high of taxes and too high interest to be able to even the score.  If you need to declare bankruptcy, don't beat yourself up. 

See what other people say about not feeling bad about bankruptcy.

Bankruptcy and College

A recent article by USA Today tells a tale of credit card debt and college.  Credit card debt coupled with student loans is a big hurdle for college students and new grads alike.  You owe it to yourself to talk to a bankruptcy attorney about your options of having a real start to your career instead of servicing debt that your unscrupulous credit card company saddled you with when you could least afford to pay it.