Stop the calls and collection efforts made by creditors by using the bankruptcy process created by Congress. The Congress of the United States established the bankruptcy system specifically to all a person who is financially in debt to get a fresh financial start. Good people, with good intentions often suffer life circumstances that cause them to be in debt with payments much greater than they can reasonably pay.
As the economy worsens the number of bankruptcy filings is rising. The Los Angeles Times reported that in year 2009, there were around 1,446,000 Bankruptcy. In January 2010, there were 102,600 total bankruptcy filings and the number of people filing bankruptcy continues to grow. Experienced Bankruptcy Attorney Dan Scott says that there are 3 Myths aboutBankruptcy that should be dispelled.
There are 3 Myths about Bankruptcy That Must be Dispelled
Myth No. 1: Filing Bankruptcy Can be Pricey. For less than you will spend on your credit card payments and other monthly payments, you can probably pay a bankruptcy lawyer and court costs. What’s it worth to you to no longer owe your debt? I’d say significantly more that the cost you’ll incur. Creditors tell you, “Just pay the money to me.” Don’t be deceived when they say that.
Myth 2: You may lose your property in a bankruptcy: If you have property that is encumbered by a mortgage, you will have to work through some method of paying the mortgage even inside abankruptcy case. That is exactly the reason the lender asked for the mortgage when you borrowed the money. However, in most circumstances, with the exception of property on which you’ve granted a lien (mortgage) like on a car, house or boat, you will be able to retain your other property when you file a bankruptcy case. Attorney Dan Scott answers this question in his video series found at http://www.danwillhelp.com. Under most circumstances you will be able to use your exemptions to keep property that is not encumbered by a lien.
Myth 3: Not all your debt can be discharged. This is not exactly a “myth” but it is often over stated. Most of the debt individuals have WILL be discharged in a Chapter 7 Bankruptcy. (For the difference between a Chapter 7 and a Chapter 13 check out the video at http://www.danwillhelp.com.) Unsecured debts such as credit cards and signature loans are dischargeable. However, if you have student loans, back child support, certain taxes debt, claims arising from fraud or a DUI will not be discharged. Yourbankruptcy lawyer can give you more guidance on this.
So if you are facing financial trouble and you want to get out of debt though you have tried everything doable to get back on your feet, maybe it is time to consider filing a bankruptcy. You can find more information in the video series published by Bankruptcy Attorney Dan Scott. Go check them out for more information.
Don’t be intimidated by your creditors. Get the information you need to decide what your next step should be from an experience bankruptcy attorney. Check out the free video series today. You’ll like the way this makes you feel!