What is Bankruptcy?

What is bankruptcyNobody foresees themselves having to make the call to a bankruptcy law firm, however sometimes it may be a necessary in order to get a fresh start. Debtors may not seek out a bankruptcy professional because they sometimes feel embarrassed or they may feel that they are a failure. Debtors shouldn’t feel too bad as there are thousands of people nationwide who need to file for bankruptcy.

Debtors should know that even celebrities and many prominent individuals have filed for bankruptcy, among them Donald Trump, President Harry S Truman, Willie Nelson, Walt Disney, John Wayne, Michael Vick, MC Hammer, and Larry King. The most famous bankruptcy’s often involve large companies who need to re-organize with a chapter 11 bankruptcy, but that doesn’t mean ordinary people don’t file everyday. As long as the unemployment rate is high and there is the availability of credit there will be people who need to file for bankruptcy.

So why are so many people ashamed of filing for bankruptcy? Most debtors are good, honest people who really want to repay their debts, however they have just hit a rough patch in their life and need help. Many people try and make things work before contacting a bankruptcy lawyer, but this can actually be to the debtors detriment as starting fresh as soon as possible may be just what the debtors need in their time of need. Creditors make it difficult for debtors to catch up on their debts as they hike interest rates up to 30%, charge large late fees, call and write debtors with nasty and intimidating threats, and are plain difficult to work with and don’t have the debtors best interest in mind.

Creditors try and make people believe that filing for bankruptcy is a terrible thing to do because they have a vested interest in making you think this. Since people want to do the right thing, they start to believe the debt collectors and try to work out payment plans that have little or no chance of being successful. So if you are struggling with your debt, you should contact a bankruptcy attorney to learn about your options.

If you are curious whether bankruptcy may be the right option for you, schedule your fee consultation today with a bankruptcy attorney today by calling 206-682-7975

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