Filing For Bankruptcy
Not everyone is good with money, and many people who have problems often end up so far in debt that they feel they have no choice. They go about filing for bankruptcy. This should always be a last resort, and it is not the quick fix that many people expect it to be.
Bankruptcy as designed to help those in a helpless situation, but there are many out there who use it as a way to clear the slate and start over when they have just been careless and don’t quite care about the consequences. Filing for bankruptcy will clear away some of your debt, it is not a magic fix. I’m not sure about this, but I am pretty sure this is true. If you have student loans, filing for bankruptcy will not clear it away. This debt will remain. Some of your other problems will be cleared up, but you should know that any or all of your creditors might show up in court to dispute wiping away your debt to them.
My sister had some serious problems many years ago, and ended up filing for bankruptcy. She told me that many of her credit card companies showed up in court to dispute the resolution of debt, and they made it very hard for her to file. In retrospect, she says that filing for bankruptcy was something she did because she had poor spending habits and they ended up ruining her financially. Though she is not prefect today, she has managed to get a better handle on her spending, and she stays current with her bills.
If you are considering filing for bankruptcy, you should make sure you find a good lawyer to assist you, and make sure you are doing it because you have no other choice but to do so. Filing for bankruptcy does not have the stigma it once had, but it is also not a magic fix for your problems. You will still be denied some forms of credit because you filed, and it will take a lot time to over come that mark on your credit. Also remember that filing is not the way to fix your problem. You have to figure out how you got yourself into such a spot, and what you did to make it happen. You then have to learn from your mistakes so you can keep it straight and narrow once you have a semi clean slate from which to start over.