Unfortunately, the bankruptcy process is oftentimes the recipient of undue criticism from those who have never experienced it. While filing for bankruptcy is a hard decision for many people to make, those who follow through tend to come out on the other end being much happier than they were before.
Why You Should File
The bankruptcy process exists to provide financial relief to people who face unbearable debt burdens. In fact, the process was created (the U.S. Bankruptcy Code) to provide a more just society. People are forced into filing for bankruptcy for a variety of reasons. Occasionally, yes, irresponsible spending practices land people in the bankruptcy courts. But more often, unforeseen hardships like exorbitant medical bills will be the causes behind many cases.
If you are struggling to pay your debts, and you can’t see a light at the end of the tunnel, then you may want to consider filing for bankruptcy in order to get the relief the court system provides! Remember, the bankruptcy process should be rejuvenating for you. And, with the right legal and professional team helping you along the way, it should be a terrific experience, leaving you with a clean slate to begin again!
You may find that Chapter 7, complete liquidation, is the best method to go with. This is a very common form of personal bankruptcy today. Or, if you have some income, and would like to retain some or all of your assets, a debt restructuring plan under Chapter 13 might be right for you!
Whatever your situation, look into filing for bankruptcy to get the restart you need!