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.
Experienced Bankruptcy Attorney Dan Scott reports that bankruptcy filings continue to rise. As the economy continues in its downward spiral, good people are often left with very few options but bankruptcy. In fact over 1,446,000 bankruptcy cases were filed in 2009. It seems that there are many myths about Bankruptcy. I want to dispel 3 Myths about Bankruptcy in this article.
Don’t Believe these 3 Myths about Bankruptcy.
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.
Everyone knows someone, and usually many “someones” who are having financial challenges. With all the layoffs and cutbacks money problems are the norm, not the exception. Don’t avoid looking into bankruptcy just because of uncertainty. You may want to take a look at the video series published by experienced bankruptcy lawyer Dan Scott at http://www.danwillhelp.com.
If you are drowning in debt it’s time to get straight talk from an experienced bankruptcy attorney. Check out the video series which is absolutely free. Take back the power away from your creditors today!