It seems with this financial crisis everyone is getting a bailout. The banks, wall street, car manufactures, even the postal service needs help, how about the average guy? Explore why bankruptcy is one form of a bailout for the average person.
Why Bankruptcy?
The bottom line in today's financial system for a person who is deep in debt without hope is bankruptcy. The number 1 thing that holds people back from dealing with this issue is fear, lack of understanding. It's true, this is not a pleasant subject to talk about, but faced with legal ramifications due to debt problems it's an option you must consider.
Historically bankruptcy is as old as man himself. Debt is not something new, in fact going back there was debtors prison where jail was an option for non-payment. Now compared to that system bankruptcy isn't so bad. It doesn't seem right that a bank could go out make risky loans, make billions of dollars, sell them off to the Feds and start all over again, but they do. That's the way the system works, bankruptcy is what's provided for the average person.
Debt causes emotional stress, this makes your thinking cloudy. Out of all the debt help programs bankruptcy is the only option that provides legal protection. You know there are 2 types for personal use, there's chapter 7 and 13. If you qualify for chapter 7 you'll have a full discharge of all qualified debt. The downside is you can't file again for 8 years and it's on your credit report for 10 years. The upside is your pretty much debt free, this is a fresh start.
The quicker you get past the stigma of the word bankruptcy and your concern of what other people think, the quicker you can look objectively at what's best for you.
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