Perhaps you've contacted a credit counselor or a debt resolution firm, but they didn't """"feel right."""" You sat down with your checkbook and realized there is no way you will be able to pay off your debts within a reasonable time frame.
So why have you not considered bankruptcy? Simply put, there are obstacles and barriers. Here are the top three reasons you haven't taken that step, along with advice on how to overcome them.
First obstacle: your friends and family. These individuals are concerned about your happiness and safety. They claim that bankruptcy will permanently ruin your existence. You will never obtain a home, a car, a spouse, a job, or friends, and your existence will be effectively over forever.
Perception is not always the same as reality. A bankruptcy filing can remain on your credit report for up to ten years, but many people get back on track within 18 months of the conclusion of their case. Even in a recession, there are lenders willing to take a risk on a person emerging from bankruptcy if they can demonstrate that their problems are behind them.
The second roadblock is that it is too expensive. When you consider bankruptcy, you think of attorneys. Lawyers are avaricious, charge an exorbitant amount of money, and are designated for wealthy individuals.
Your debt level is not as high as your legal fees. Consider the following: if a lawyer is going to charge you $2,000 for a Chapter 7 bankruptcy (for instance), and you can use the law to wipe out $20,000 or more of bad debt, that is equivalent to paying 10% to settle your delinquent debts. Numerous bankruptcy attorneys offer payment arrangements to allow clients to pay their fees over time.
Third Obstacle: It's Too Complicated. Have you ever seen a petition for bankruptcy? Even in the most fundamental Chapter 7 bankruptcy case, the court may require submission of 50 pages or more of documents. It contains both technical jargon and legalese. It is more convenient to do nothing.
Your Attorney Is Trained To Simplify The Process. You can certainly apply for bankruptcy without an attorney. There are websites that will complete the paperwork for pennies. However, an experienced bankruptcy attorney knows how to condense these documents into manageable formats.""
" - https://www.affordablecebu.com/
