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Why You May Need to File for Bankruptcy


Life is often unfair. You can work hard and play by the rules and still face hardship, uncertainty, and strain. Filing bankruptcy is not an action that should be taken lightly. However, it may be the most reasonable step to take if you are overwhelmed with debt and see no way out of it. You may be better off starting over rather than continuing to endure harassment from creditors and collectors. Filing for bankruptcy will give you some breathing space. It will give you time to rebuild your life and re-establish your financial health.

Why You Need a Lawyer

Anyone can file for bankruptcy. However, you should allow your lawyer to do it for you. Bankruptcy laws were designed to protect people who are in financial trouble from abuse by creditors. It is a tool that can be used to re-engineer your finances and your life. A bankruptcy lawyer such as the ones found at They possess the kind of insight into bankruptcy law that will allow you to use it to your advantage. Your lawyer will also ensure that you meet all deadlines and attend all the required meetings.

Chapter 7 Bankruptcy

Chapter 7 discharges all your unsecured debt. Credit cards, personal loans, utility bills, and some IRS debt will all be wiped away. However, you will still have to pay your mortgage, car loan, child support, and alimony. It should also be noted that the bankruptcy remains on your credit report for 10 years, which will make it difficult to take out any loans or credit cards during that time.

If you have lost your job and have trouble finding a new one that pays, if you have incurred unexpected medical expenses or had to take in an infirm loved one, you may be pushed to the brink of your financial capacity. Chapter 7 will clear this all away. It will allow you the second chance and the fresh start that you deserve.

The Process

Filing for chapter 7 is a rather mundane and straightforward affair. After you have signed and sent off your paperwork, a date will be set for a meeting of creditors. The latter typically do not attend such meetings. You, your lawyer, and the court-appointed trustee will likely be the only ones there. The meeting will last for less than thirty minutes, at the end of which time your debt will be officially discharged.

The court will also issue a stay which prevents your creditors from filing lawsuits against you and their collectors from making any further phone calls or sending any more emails or threatening letters. Indeed, if you continue to be harassed after you have declared bankruptcy you should keep calm and refer the person to your lawyer. The latter will know how to set them straight and prevent any recurrence of such an incident.

If you are deep in debt, bankruptcy may be your only way out. You should consult with a lawyer to explore this option.

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